TaxTMI 
TaxTMI 
2014 (8) TMI 560
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.... The petitioner has filed three appeals before the Income Tax Appellate Tribunal, for Assessment Years 2007-08 and 2008-09 arising out of the assessment under Section 143 (3) of the Income Tax Act, 1961 and an appeal for Assessment Year 2008-09 arising out of an imposition of penalty under Section 271 (1) (c) of the Act. An application for stay which was moved before the Tribunal has admittedly b....
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....lacs has been deposited, resulting in a net outstanding of Rs. 4.84 crores. Consequently, by an order issued on 31 January 2014, the petitioner was directed to pay Rs. 5.00 lacs each month between 20 February 2014 and 20 July 2014 and thereafter monthly installments of Rs. 64.90 lacs between 20 August 2014 and 20 February 2015. The petitioner has only deposited an amount of Rs. 10 lacs and has def....
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....Rs. 57.40 lacs as against the outstanding of Rs. 5.31 crores as on 30 October 2013. In our opinion, the ends of justice would be met if the petitioner is granted liberty to pay an amount of Rs. 20.00 lacs, which is for the defaults for the months of April, May, June and July 2014, no later than within a period of one week from today. The petitioner shall also pay an amount of Rs. 64,90,870/- whic....