2013 (4) TMI 745 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Bangalore dismissed the stay petition filed by the assessee for recovery of outstanding demand of Rs. 5,78,07,795 related to assessment year 2008-09. The demand arose from the transfer of a capital asset, deemed as agricultural land by the assessee. The Tribunal granted an out-of-turn hearing of the appeal without immediate recovery threat, setting the hearing for 25.04.2013. No notices were to be served, and the stay petition was ultimately dismissed on 1st April 2013.