2017 (12) TMI 1783

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....r, Advocate Respondent by: Mr.AR.V.Sreenivasan, JCIT,D.R ORDER George Mathan,  This is a Stay Petition filed by the assessee in its appeal in ITA No.1922/Mds./2017. 2. Shri S.Sridhar, Advocate represented on behalf of assessee and Mr.AR.V.Sreenivasan, JCIT represented on behalf of Revenue. 3. It was submitted by the ld.A.R that the assessee is in appeal against the penalty l....

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....liable to be rejected. 5. We have considered the rival submissions. Without going into merits of the appeal, considering the fact that the issue is in respect of penalty levied u/s.271(1)(c) of the Act and the assessee has paid Rs. 10 lakhs out of the demand of Rs. 50 lakhs and the appeal is posted for hearing on 02.01.2018, the assessee is granted stay of recovery of the balance of the dispute....