2014 (3) TMI 1227

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.... stay of collection of outstanding demand of Rs.43,75,982/- payable by the assessee for the assessment year 2006-07. 2. The Ld. Counsel for the assessee submitted that the assessee during the year under consideration, sold land, building, fixed assets and commercial rights attached to the hotel-cum-bar for a sum of Rs. 2.40 crores. The Assessing officer has erroneously considered the same as sl....

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.... despite financial difficulties, has already paid a sum of about Rs.30.00 lakhs against the total demand of Rs. 73.87 lakhs. Accordingly, he prayed that the Tribunal may be pleased to stay the recovery of the outstanding demand of Rs. 43.75 lakhs. 3. On the contrary, the Ld. DR objected to the plea of the assessee. The Ld D.R submitted that the Ld. CIT(A) has passed a very reasoned order. Furth....

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....if the claim for deduction of value of net worth is allowed. The Ld A.R further submitted that the interest charged u/s 234A , 234B and 234C will also be reduced considerably. 5. The Capital gains is computed under the provisions of the Act after deducting the Cost of the asset. According to Ld A.R, the Net worth is considered as the Cost of assets in the case of Slump sale. Though prima facie ....