2012 (12) TMI 1214 - AT - Income Tax

Summary

Issues involved: Extension of stay in respect of outstanding demand of Rs. 246,03,12,481.

Summary:

Extension of Stay:
The applicant sought an extension of stay in relation to an outstanding demand of Rs. 246,03,12,481. The appeal concerning this demand had been heard, and the order was expected to be pronounced shortly. The Ld. A.R requested the extension of stay for the assessee. After hearing both parties, the Tribunal noted that the earlier stay had been granted to the assessee and decided to extend the stay until the disposal of the appeal or for a period of two months, whichever is earlier. It was emphasized that if the order was not pronounced within the stipulated two months, the assessee would need to submit a fresh application for stay.

The Tribunal carefully considered the contentions of both parties and observed that the extension of stay would serve the interest of justice, especially since the appeal had already been heard, and the order was expected to be pronounced imminently. Therefore, the Tribunal granted the stay application filed by the assessee in the specified manner. The order was pronounced in the open court on the 7th day of December 2012.