2012 (1) TMI 202 - AT - Income Tax

Summary

Issues involved: Stay petition seeking extension of stay against recovery of outstanding tax arrears for assessment year 2006-07.

The Appellate Tribunal ITAT Bangalore considered a Stay Petition filed by the assessee requesting an extension of stay against the recovery of outstanding tax arrears amounting to Rs. 1,28,47,185 for the assessment year 2006-07. The interim stay previously granted by the ITAT had expired on specific dates. The assessee's representative provided reasons for seeking the extension, highlighting that the delays in the appeal process were not due to the appellant. The Tribunal noted the arguments presented by both parties and after considering the material on record, found that the assessee had established a prima facie case for the extension of stay. In the interest of justice, the Tribunal granted an extension of stay for a further period of 180 days or until the disposal of the appeal, whichever is earlier. The Tribunal emphasized that the delay in disposing of the appeal was not attributable to the assessee, citing relevant judgments to support their decision. Consequently, the Stay Petition filed by the assessee was allowed.