2014 (3) TMI 1155

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....as ORDER Per Sanjay Arora, A. M. This is a stay petition by the Assessee arising out of its captioned appeal before the Tribunal, preferred on 14.02.2014, seeking stay of the outstanding demand of Rs. 357.79 lacs for the assessment year (A.Y.) 2010-11. 2.1 Placing a chart by way of explaining the issue leading to the impugned demand, it was submitted by the ld. Authorized Representativ....

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....ke us through the relevant clauses of the loan agreement dated 27.12.2007 (for US Dollar 13,500,000, copy on record) to clarify that the said loan, on which the foreign exchange gain arises, was for the purpose of acquiring a vessel by the name 'Bulk Prosperity'. The demand, therefore, is misconceived. 2.2 The ld. DR, on the other hand, would submit that the said amount has not been invested in....

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....de out a prima facie case before us. As against the demand relatable to the gain on revenue account, as informed, the Revenue has already compensated itself by annexing the assessee's bank account, appropriating over Rs. 16 lacs. Under the circumstances, therefore, we consider it a fit case for grant of stay for the balance demand of little over Rs. 350 lacs. So, however, on a query by the Benc....