2021 (10) TMI 512

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.... Applicant : Shri J.D. Mistry, ld.Senior Counsel For the Respondent : Shri Mehul Jain, DR ORDER PER SAKTIJIT DEY (JM) Captioned application has been filed by the assessee seeking extension of stay of recovery of outstanding demand relating to the assessment year 2015-16. 2. Shri J.D. Mistry, learned senior counsel appearing for the assessee submitted that vide order dated 27-01-2020, the Trib....

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....aken any steps on the application filed by the assessee. On the contrary, he submitted, based on the demand raised as per the demand notice, the assessing officer has issued notices for penalty proceedings under various provisions of the Act. He submitted, since the outstanding tax liability of the assessee is much less than the amount based on which the Tribunal imposed condition upon the assesse....

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....,320/-. Subsequently, the stay granted earlier was extended vide order dated 26-02-2021 on the same conditions as were imposed earlier. Though, learned senior counsel for the assessee has pleaded for variation in the conditions of stay; however, we are not inclined to do so. Reason being, assessee's application u/s 154 of the Act is still pending before the assessing officer and the actual demand ....