2016 (10) TMI 572

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....ber 28, 2015. Since such appeal was filed prior to August 6, 2014, the provision in Section 35F of the Act pertaining to discretion as to pre-deposit governed the matter. The Tribunal directed the petitioner to deposit a sum of Rs. 6 lakh in addition to the amount of Rs. 4.18 lakh already deposited. The further deposit was directed to be made within eight weeks from the date of the order, for the remainder of the demand to remain stayed during the pendency of the appeal. Compliance was directed to be reported on January 4, 2016 and the order observed that the failure to deposit the amount would result in dismissal of the appeal without further reference. 3. The petitioner did not make the further deposit of Rs. 6 lakh in terms of the ....

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....oration of the appeal to its file and in which event the matter will have to be decided on merits. If, however, the net worth is found to be a positive figure, the Tribunal will say so, give its reasons and dispose of the modification application in accordance with law. "The Civil Appeal is disposed of accordingly." 5. Nothing in the order of the Supreme Court amounts to the enunciation of any law that will be binding under Article 141 of the Constitution to the effect that when the net worth of an assessee company is negative, the entire pre-deposit is to be waived. As would appear from the Supreme Court order, it made some observations and left the matter for consideration by the appropriate Tribunal. The order cannot be interprete....