2024 (9) TMI 1870

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....ong with Mr. Vijay Chawla, Advocate. C A V JUDGMENT 1.This Writ Appeal is directed against the Order dated 14.2.2024 (Annexure P-1) passed in W.P.(T) No.9 of 2024 by which the learned Single Judge has dismissed the said Writ Petition filed by the Appellant Company finding no merit and affirming the Order dated 11.12.2023 passed by Respondent No.1 - the Principal Commissioner of Income Tax whereby the Appellant's application for stay of demand notice has been rejected reducing the installment facility payable to 20 installments, i.e. Rs. 13,85,000/- per month, till such installment reaches 20% of the total tax liability of Rs. 13,84,43,552/- or till the disposal of the appeal pending consideration before the Appellate Authority i.e. th....

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....6) of the Act before the Assistant Commissioner of Income Tax on the ground that the said assessment is extremely on high pitch and detrimental and so also the payment of 20% of the total tax demand which comes to Rs. 2,76,88,710/- is more than 10 times of total returned income and 36 times more than the amount of tax paid by the assessee on his own volition for the said assessment year, i.e. Rs. 7,65,769/-. However, the Assistant Commissioner of Income Tax by its Order dated 3.7.2023 rejected the said application of the Appellant granting the Appellant to make partial payment of 20% of the total tax demand with an arrangement to pay a monthly installment of Rs. 30,73,524/- to be paid before 15th of every month starting from July, 2023 till....

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....3,84,43,552/- is the high pitch assessment as it is 51 times higher than the complete returned income, i.e. Rs. 26,93,557/-, and 180 times higher than the amount of tax paid by the assessee, i.e. Rs. 7,65,769/- and the Appellant has already deposited Rs. 41,55,000/- in three installments and as the statutory appeal is already pending consideration before the Appellate Authority since 19.4.2023 and this Court while entertaining the present Writ Appeal on 23.4.2024 also has granted interim relief directing the parties to maintain the status quo which is still prevailing, therefore, it would be expedient if the said appeal pending consideration before the Appellate Authority is directed to be decided at the earliest, extending the said interim....