2011 (10) TMI 671 - AT - Income Tax

Summary

Issues involved: Stay of outstanding demand u/s 220(6) of the Income Tax Act, 1961.

Stay of outstanding demand: The assessee sought stay of outstanding demand of Rs. 78,11,265/- till the disposal of the appeal by the Tribunal. The Tribunal had previously granted stay which had lapsed. The assessee had paid Rs. 4,90,34,503/- out of total demand of Rs. 5,68,45,768/- with a balance outstanding of Rs. 78,11,265/-. The interest portion of this amount was Rs. 52,91,317/-. The assessing authority was directed not to take coercive steps for recovery of the outstanding demand until 14-11-2011. The case was scheduled for hearing on 14-11-2011, with the order serving as notice of hearing. The assessee was instructed not to seek unnecessary adjournments on the hearing date and both parties were directed to file any paper books by 8-11-2011. The Stay Application of the assessee was disposed of accordingly.

Conclusion: The Tribunal directed the assessing authority not to take coercive steps for recovery of the outstanding demand until a specified date, with instructions for the upcoming hearing and filing of paper books.