2015 (5) TMI 550

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.....L. Jain, learned Senior Counsel with Ms. Veena Mandlik Heard. 2. By this writ petition under Article 226 of the Constitution of India, the petitioner, who is Development Institute engaged in the Industrial Infrastructure Development of the State of Madhya Pradesh, is praying to stay the demand of income tax, interest and penalty for the assessment years 2003-04 to 2010-11 till final disposa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cilities on the land received from the Government of Madhya Pradesh. He further submitted that as per the statement of tax liability, amounting to Rs. 55,19,95,445/-, the assessee has paid Rs. 37,14,35,837/- and the balance amount, which is payable, comes to Rs. 18,05,59,608/-, which includes tax and interest. He further submitted that all tax assessment cases are pending before the Income Tax App....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... that the aforesaid amount has not been paid. 4. Learned counsel for the petitioner submits that the petitioner has prima facie a strong case in its favour with respect to the nature of one time lease premium and in past, prior to assessment year 2003-04, the respondent has considered the lease premium as capital receipts and did not demand any income tax thereon. Further the payment of tax sha....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....6. On due consideration of the submissions of the learned counsel for the parties and considering the fact that the appeals against the assessment orders for the assessment years 2003-04 to 2010-11 are pending before the Income Tax Appellate Tribunal, Indore and at present the Bench of ITAT at Indore is not functioning, we direct the learned President of the Income Tax Appellate Tribunal, Mumbai t....