2019 (5) TMI 306

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.... P.C. Heard learned Counsel for the parties for final disposal of the petition. The petitioner has challenged an order dated 29th March 2019 passed by the Principal Commissioner of Income Tax, Mumbai. In such order, the Principal Commissioner insists that the petitioner must deposit 20% of the disputed tax demand pending appeal. 2] Brief facts are as under:- The petitioner is a cooperative....

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....iety has several small investors like labourers, who require their own money urgently. When these members, therefore, deposit cheques in their accounts, the credit society pays them the cheque amount immediately, without waiting for realisation of the said cheques. In any case, according to the assessee, the commission rate in such cheque discounting business does not exceed 0.15% of the cheque am....

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....nsidered and rejected. Therefore, you are directed to deposit 20% of the demand raised and balance demand is stayed till disposal of appeal by CIT (A). It may be noted that coercive measures will be initiated to recover the demand in case of failure to pay the same." 6] Learned Counsel for the petitioner submitted that the department has attached the petitioner's five bank accounts, thereby....

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....tances, the petition is disposed of with following directions:-   (a) The impugned order of Commissioner dated 29th March 2019 is quashed and set aside; (b) The Commissioner is requested to pass a fresh order bearing in mind the observations made herein and taking into consideration the case of the petitioner. This must be done preferably before 31st May 2019. (c) A....