2019 (3) TMI 1069

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....seeks additional time to deposit a total of Rs. 10 Crores, which was a condition imposed by the Income Tax Appellate Tribunal (in short "the Tribunal") to enable the Petitioner to enjoy stay against the rest of the recoveries, pending appeals before the Tribunal. 2. The Petitioner has filed appeal before the Tribunal, challenging Assessment for the Assessment Years 2009-10 to 2014-15, giving rise....

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.... deposit to the Department. In that view of the matter, on an application filed by the Revenue, the Tribunal passed its impugned order on 11th January, 2019, vacating the stay granted in favour of the Petitioner, upon which, the present Petition has been filed. 4. Learned Counsel for the Petitioner submitted that, Petitioner does not have any resources for depositing amount as directed by the Tri....

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....of the monthly rental 57,13,200 30/04/2019 Payout - Installment 1,00,00,000 07/05/2019 Recovery of the monthly rental 57,13,200 31/05/2019 Payout-Installment 2,00,00,000 07/06/2019 Recovery of the monthly rental 57,13,200 30/06/2019 Payout-Installment 2,11,30,000 We find that the additional time as requested, can be granted, however, subject to certain conditions. 7. W....

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....March, 2019 that the company shall deposit the amount as suggested; (iii) If the parent company of the Petitioner receives the subsidy from the State Government sooner, the entire amount of Rs. 10 Crores (inclusion of amount already recovered by the department) shall be deposited with the State Government soon after receipt of such subsidy; (iv) If there is any default in depositing any of the i....