2019 (2) TMI 1379

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....t Member For the Assessee : Shri. C. Sandeep, CA For the Revenue : Shri. R. N. Siddappaji, Addl. CIT ORDER PER JASON P BOAZ, ACCOUNTANT MEMBER This Stay Petition (SP) arises out of the assessee's appeal in IT(TP)A No.3282/Bang/2018 for Assessment Year 2014-15. 2. Briefly stated, facts of the matter are as under: 2.1 The assessee, a company engaged in business activities relati....

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.... us, it was ascertained that by virtue of a rectification order passed by the AO under section 154 of the Act dated 04.12.2018, the total demand outstanding was recomputed at Rs. 9,29,93,360/- (inclusive of interest of Rs. 3,29,97,635/-) charged under section 234B of the Act. 3. The learned AR for the assessee submitted that the assessee has a good case on merits and since it has financial hard....

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....s submissions that it is not in a position to pay any amount towards the outstanding tax demand raised, we are of the view that this is not a fit case for grant of stay on recovery of the outstanding demand of Rs. 9,29,93,360/- and accordingly dismiss the assessee's stay petition. On the request of both the parties, the hearing in this case which was fixed for 28.06.2019, stands preponed and early....