2014 (12) TMI 979

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....#39;s application for stay pending the disposal of its appeal by the Commissioner of Income Tax (Appeals). The appeal was filed against the Assessment Order dated 28 March 2013 passed under Section 143(3) read with Section 263 of the Act for the Assessment Year 2006-07. The petition also challenges a communication dated 5 November 2014 by the Assessing Officer seeking to adjust a refund of Rs. 204.65 crores available to the Petitioner for the A. Y. 201314 against the demand on the Petitioner for the A. Y. 2006-07. 3] The short facts of the case are as follows: (a) For the A. Y. 2006-07 the Assessing Officer passed an order dated 5 February 2011 under Section 143(3) of the Act in the regular assessment proceedings raising a demand o....

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....t. The Assessing Officer by the impugned order dated 5 November 2014 rejected the Petitioner's application for stay of the balance demand of Rs. 525.09 crores till the final disposal of its appeal by the CIT (A). The demand payable was only Rs. 525.09 crores out of an aggregate demand of Rs. 822.36 crores as an amount of Rs. 297.26 crores had been stayed by order dated 18 July 2014 of the Tribunal on payment of Rs. 30 crores. (e) Consequent to the above order dated 5 November 2014 of the Assessing Officer rejecting the Petitioner's application for stay, the petitioner filed on 10 November 2014 an application for stay of the Assessment Order dated 28 March 2013 before the CIT (Appeals). This for the reason that according to Petiti....

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....-14 to meet the outstanding demand for the A. Y. 2006-07. This was consequent to letter dated 5 March 2014 of the Assessing Officer intimating the proposed adjustment. Besides on merits of the application for stay the CIT (Appeals) records that after adjustment of Rs. 204.65 crores against the outstanding demand of Rs. 525.09 crores for the A. Y. 2006-07, the balance amount payable of Rs. 320.44 crores is stayed. However, as the Petitioner in the meantime had already filed the petition, the order dated 1 December 2014 restricted the life of the stay upto the date of disposal of the petition by this Court or till the date of the disposal of the appeal by the CIT (Appeals), whichever is earlier. 5] It is contended by the petitioners the....