2018 (11) TMI 650

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....JUSTICE AKIL KURESHI) 1. Counsel for the petitioner stated that the petitioner would withdraw the department appeal /petition before the Principal Commissioner seeking complete stay against implementation of the penalty order. 2. By an order dated 23.01.2018, Income Tax Appellate Tribunal confirmed certain conditions in the hands of the petitioner assessee, which gives rise to sizable tax de....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nd whether the asset; even if considered to be capital asset, can be assigned any cost of acquisition and whether the Tribunal was correct in assigning its market value on the basis of what the Revenue would refer to as comparable sale instance. The tax liability arising out of the judgment of the Tribunal is in the vicinity of Rs. 507.74 Crores. We are informed that the assessee has so f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of Rs. 326,38,00,000/- (rounded off). Against the order of penalty, the petitioner has preferred Appeal. Simultaneously, the petitioner also requested the Assessing Officer to stay the penalty order till such Appeal is decided. On such application the Assessing Officer passed the impugned order on 25.10.2018 insisting that the petitioner deposits 20% of the penalty amount subject to which the rema....