2019 (3) TMI 1611

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....al, Sr. DR ORDER PER K. NARASIMHA CHARY, JM By way of this application assessee seeks the stay of demand in respect of Assessment year 2014-15. 2. In this matter the addition was made by the learned Assessing Officer ("ld. AO") u/s 56(2)(viib) of the Income-tax Act, 1961 ("the Act"). The assessee had issue equity shares to other two companies at Rs. 10/- each with a premium of Rs. 90/- per sh....

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....here is no valid ground to grant any stay since the assessee themselves say that the department cannot proceed against the directors in their individual capacity u/s 179 of the Act and if the department so chose, they may recover the amount from the assessee. Learned DR, therefore, submits that the assessee cannot raise any ground when the department is proceeding to realize the demand. 4. On a ....