2014 (8) TMI 1204

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.... by : Shri Abani Kanta Nayak, D.R. ORDER Sanjay Garg,  The present stay application has been moved by the assessee seeking the stay of demand of Rs. 43,63,744/- comprising of following: i) Tax (Rs. 16,57,972 - Rs. 12,96,205) - Rs. 3,61,767/- ii) Interest - Rs. 25,66,561/- iii) Recovery of Refund issued -  Rs. 14,35,416/- 2. It has been cont....

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....t he denied set off of carry forward depreciation/business loss of earlier years against income under the head "Capital Gain" resulting in revised assessed income of Rs. 81,27,315/-. 3. In appeal, the ld. CIT(A) vide his order dated 05.09.13 (impugned order) granted the relief to the assessee to the extent of Rs. 2,12,915/- relating to the additions made under section 68 of the Act, however con....

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....ced to Nil. He has further submitted that the assessee has a strong prima facie case and if the demand of tax and interest etc. is not stayed the assessee will suffer irreparable loss. On the other hand, the ld. D.R. has contended that the demand of tax has been rightly made from the assessee. 5. We have considered the rival submissions of both the parties. It is the case of the assessee tha....

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....rall facts and circumstances of the case, we are of the view that the interest of justice will be well served, if, the demand in question is stayed subject to deposit of Rs. 10 lakhs by the assessee with the Revenue Authorities in two installments i.e. Rs. 5,00,000/- by 15th September 2014 and further installment of Rs. 5,00,000/- by 15th October 2014, as a part of the amount sought to be recovere....