2014 (10) TMI 77

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....he petitioner has come up with the above writ petition challenging the imposition of a condition by the respondents, for the grant of stay of demand of the order of the Assessment Officer. 2. Heard Mr.R.Sivaraman, learned counsel for the petitioner. Mr.T.Pramod Kumar Chopda, learned Standing Counsel takes notice for the respondents. 3. The petitioner suffered an order of assessment for the y....

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....he petitioner, as per the revised order of assessment is Rs. 5,59,10,094/-. The grievance of the petitioner is two fold. The first is that the entire profit earned by the subsidiary company of the petitioner out of India, has been included in the total income of the petitioner and that the benefit under Section 10-A is denied. The income, as assessed as per the original order of assessment was Rs.....

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....e of the foreign subsidiary, cannot be included in the total income of the petitioner under any provision of law. Only if dividend is declared and if it is paid or accrues to the assessee from the foreign subsidiary, it is possible to add the same to the income of the petitioner. Therefore, the learned counsel contended that it is a clear case for the grant of unconditional order of stay. 8. I ....