2018 (5) TMI 1740 - AT - Income Tax

Stay of recovery of the balance tax payable - Held that - On the facts and circumstances we grant an installment of payment taxes of Rs. 2.50 Crs. per month. The first installment is to be paid on or before 15.06.2018 and the subsequent installments of payment should be made on or before 15th of every subsequent month. When the case is posted for regular hearing if the assessee is seeking adjournment on any ground this order shall stand vacated. However if the Revenue seeks adjournment on any ground the assessee is entitled to get a blanket stay. Subject to the above conditions the assessee s Stay Petition is disposed.

Summary

Issues: Stay of recovery of balance tax payable by the assessee for the AY 2011-12.

Analysis:
1. The assessee, engaged in broadcasting Tamil channels, appealed against the addition of trade advances, loan, and disallowed interest in the assessment for AY 2011-12. The Ld.CIT(A) provided marginal relief, and the main appeal is pending before the ITAT. The assessee sought a stay on the recovery of the balance tax amounting to Rs. 94.64 Crs.

2. The Ld.DR opposed the stay, citing the confirmation of additions by the Ld.CIT(A). The ITAT considered the submissions and decided to grant an installment payment plan for taxes. The assessee was allowed to pay Rs. 2.50 Crs. per month, with the first installment due by 15.06.2018 and subsequent payments by the 15th of every following month. The order specified that if the assessee seeks adjournment during regular hearings, the stay order would be vacated. However, if the Revenue seeks adjournment, the assessee would be entitled to a blanket stay.

3. The ITAT disposed of the Stay Petition with the conditions mentioned above, providing partial relief to the assessee. The order was pronounced in the Open Court on May 25, 2018, in Chennai.