2023 (3) TMI 139

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....ndent : Chetan M. Kacha, ORDER Per Pramod Kumar VP 1. By way of this stay application, the assessee applicant seeks a stay on tax and interest demands, raised as a result of assessment order under section 143(3) r.w.s. 144C of the Income Tax Act 1961, for the assessment year 2019-20, aggregating to Rs. 1031,46,82,967/- impugned in appeal before us. 2. When this stay petition came up for hea....

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....r not with respect to outstanding demand. Learned counsel emphatically submits that the basis of such computation can only be disputed demand. Learned Senior counsel for the assessee points out that the assessee has already paid Rs. 261.37 crores, out of the disputed tax liability, and thus more than 20% of the disputed tax liability has been paid by the assessee. It is learned senior counsel's su....

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....the same purposes of seeking this stay. 4. We are of the considered view that once the Assessing Officer takes a view that in terms of the CBDT instructions, 20% of demand is to be paid by the assessee and the balance demand can, by implication, be stayed during the pendency of the first appeal, such a computation of 20% has to be with respect to total disputed demand, and not with respect to the....