2013 (2) TMI 880

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....udevan, JJ. Applicant by: Shri Chavali Narayan, C.A. Respondent by  : Shri Farahat Hussain Qureshi, CIT-II(DR)  ORDER N.V. Vasudevan, The assessee has filed the above application praying for an order of stay of recovery of outstanding demand of Rs. 1,28,14,177.    2. The original outstanding demand on account of tax and interest was Rs. 1,68,14,177. ....

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....decisions referred to in the stay petition are considered, then the addition made by TPO which was confirmed by the DRP, cannot stand.  It was also submitted that the assessee is in a very bad financial position and in this regard, a copy of the bank statement as on 30.01.2013 was filed which shows that the assessee has cash balance of only Rs. 15,27,783.  Taking into consideration the e....

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....facie case.   Considering the balance of convenience, relative hardship and the financial position of the assessee, we are of the opinion that it would be just and appropriate to grant an order of stay on recovery of outstanding demand for a period of six months from the date of this order, or till the appeal is disposed of, whichever is earlier.   The assessee is, however, ....