2020 (4) TMI 532

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....Sh. Sachit Jolly, Advocate For the Respondent : Ms. Rakhi Vimal, Sr. DR ORDER PER R.K PANDA, AM: The assessee through this stay application requests the Tribunal to stay on the realization of the outstanding demand of Rs. 820,85,85,000/- and applicable interest u/s. 220. 2. The Ld. Counsel for the assessee referring to the contents of the stay application submitted that the assessee....

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....are pending before the Tribunal. He submitted that the AO alongwith order passed u/s. 143 (3) of the Act has also made an adjustment and raised demand u/s. 115 QA of the Act by levying tax and interest aggregating to Rs. 8,20,85,85,000/- in respect of buy back of shares made by Genpact India during assessment year 2014-15 pursuant to a scheme of arrangement u/s. 391 of the companies Act, 1956. ....

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....ilable with the assessee was to buyback its equity shares to the extent of 33% of its existing equity share capital by complying with the provisions of section 391 of the companies Act. Relying on various decisions he submitted that the assessee has a strong prima facie case in its favour. 6. So far as the balance of convenience is concerned he submitted that the although the assessee has suffi....

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....rder passed in the name of the amalgamating company and the addition made by the AO u/s. 115 QA. Therefore, the assessee does not have any prima facie case in its favour and rather the revenue has got a strong case in its favour. So far as the financial condition of the assessee is concerned the Ld. DR drew the attention of the Bench to the balance sheet of the assessee company as on 31.03.2019 an....