TaxTMI 
TaxTMI 
2018 (3) TMI 729
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....014-2015. 2. We have heard the learned Representatives of both the parties and perused the material on record. 3. In A.Y. 2013-2014 the outstanding demand is Rs. 338,13,94,948 and in A.Y. 2014-2015 the outstanding demand is Rs. 128,64,05,696. The Learned Counsel for the Assessee referred to page-10 of the stay app ication for A.Y. 2013-2014 to point out the issues involved in the appeal of assessee, additions made to the returned income and the outstanding demand. The same reads as under : Particulars Amount (Rs ) Tax Demand Interest Total (Rs) Disallowance of Lease Rentals to the extent of credits amortized. 3,66,32 13,778 77,84,23,653 37,72,83,692 1,15,57,07,345 Disallow....
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....in ITA.No.3224/Del./2017 is part-heard before the Tribunal and on the SA.No.691/Del./2017, the Tribunal vide order dated 06th December, 2017 directed the Revenue that no coercive action be taken for recovery of the demand. The order is extended further and ultimately on 17th January, 2018, the interim order have been extended by directing that the order dated 6th December, 2017 shall continue until further orders. Copies of the orders are placed on record. Learned Counsel for the Assessee submitted that assessee has a prima facie case for grant of absolute stay in A.Y. 2013-2014. 3.2. Learned Counsel for the Assessee as regards A.Y. 2014-2015 submitted that the issue are same and submitted that the returned loss is Rs. 454,56,85,822. He ....
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....ther submitted that on filing of the appeals for both the years with Stay Applications, same were listed for hearing on 06th March, 2018, however, the Revenue Department has frozen the bank accounts of the assessee with ICICI Bank and HDFC Bank. The assessee has preferred Writ Petition Nos.2040 and 2041 of 2018 before the Hon'ble jurisdictional Delhi High Court and the Hon'ble Delhi High Court vide order dated 03rd March, 2018 lifted the attachment/frozen of the assessee's bank account with both the above Banks pursuant to the impugned demand. Revenue was also restrained from taking any further coercive action against the assessee till 06th March, 2018 or till such time ITAT decides the applications. The order of the Hon'ble Delhi High Cour....
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....ons for stay of demand for the two AYs in question are listed before the ITAT on 6th March, 2018. The Court is of the view that with the Revenue having notice of the above fact it need not have taken precipitate action to freeze the aforementioned bank accounts of the Petitioner and could have awaited the orders of the ITAT. 5. Consequently, the Court lifts the attachment/'freezing of the Petitioner's accounts with the HDFC Bank and the ICICI Bank pursuant to the impugned demand, and also restrains the Revenue from taking any further coercive action against the Petitioner pursuant thereto, till 6111 March 2018 and if for some reason the ITAT is unable to dispose of the stay applications on that day itself, till such time the IT....
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....012- 2013 is pending consideration before the ITAT, Delhi Bench, in which interim stay have been granted in favour of the assessee without any condit on The assessee also filed writ petitions for both the assessment years under reference before the Hon'ble Delhi High Court for grant of interim relief during the Court holiday in which also the Hon'ble Delhi High Court has granted interim relief in favour of the assessee (supra). The appeals of the assessee are yet to be fixed for hearing and are pending before the Tribunal. Therefore, considering the facts and background of litigation above and without commenting upon the merits of the case, we direct that outstanding demand for both the years under reference shall remain stayed for a period....