2011 (10) TMI 738

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....sessee by: Shri S.N. Soparkar       Revenue by: Shri Satishkumar Gupta       ORDER G.D. Agarwal, By this stay petition, the assessee has requested for stay of demand of Rs. 83,69,9094/- and Rs. 2,41,93,478/- for A.Y.2008-2009 and 2009-2010 respectively. 2. It was pointed out by the learned counsel that originally the stay w....

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....erefore requested that, if at all any demand is outstanding against the assessee, the same may be stayed. 3. The learned DR, on the other hand, stated that the assessee is a cash-rich company and therefore they should pay whatever is outstanding demand against them. There is no justification for grant of any stay to this assessee. 4. We have carefully considered the arguments of both the sid....

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.... assessment year 2009-2010 is as under: Particulars Prepaid discount (in Rs.) Total Demand under Section 201(1) and section 201(1A) as per 201 order 90,443,478 Less Amount paid on 31 March 2010 (25,000,000) Less Amount paid on 24 September, 2010 (10,000,000) Less Amount paid on 30 December, 2010 (20,000,000) Less Amount paid on 25 February 2011 (62,50,000) To....

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....order of the CIT(A) is given, then the assessee shall be entitled to refund and there would be no outstanding demand of tax against the assessee. In view of the above, we direct the AO that he will give effect to the order of the CIT(A) and after giving effect to order of the CIT(A) if there is no tax demand due from the assessee, then there is no need for order of stay from us. However, if there ....