9911796707
TMI Blog2012 (2) TMI 325X X X X Extracts X X X X X X X X Extracts X X X X ..... d 26.12.2011 wherein reasons for seeking stay have been assigned by the assessee. The relevant reasons are reproduced hereunder : 1. That the appellant is an Local Authority, has been carrying on the business of promote and secure better planning and development of any area of the State with the prior approval or on direction of the State Government , f or carrying out of the purposes of this act as per Section 28 of the Punjab Regional Town Planning Development Act , 1995. The applicant has been maintaining regular books of account , which were subject to audit and the return had been filed on the basis of audited books of account . 2. That during the year under consideration, the appellant has made contribution of Rs.60.00 crore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iew the commercial expediency of the Authority and benefit of public at large. Neither we are a private institution nor it is a case where contribution has been made to a private fund/institution for the benefit of any individual . The Authority is constituted by State Government and our object is development and better planning and not to make prof it only. I t is a well set t led law that as long as payment made is not by way of penalty for infraction of any law. The expenditure is an allowable deduction. The very existence of the GLADA depends on acceptance/following of direction of the State Government for better planning and Development of any area of the State. Rather , if GLADA refuses to accept/follow the di rec t ions of the State ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in view of huge instalments in respect of term loan of Rs.200 Crores and the assessee is required to pay monthly instalment of Rs.11.50 lacs. 4. Ld. 'DR' contended that the assessee had lost appeal before the CIT(A) , hence he should redeem part of the outstanding liability. 5. We have carefully perused the rival submissions, facts of the case and found that out of the total demand raised by the AO at Rs.24,66,51,870/- , the assessee had paid Rs.16,31,14,700/- and the balance demand payable is Rs.8,35,37,170/- . A perusal of such demand reveals that the assessee had already paid more than 50% of the demand raised by the AO. However , to protect the interest of revenue, the assessee is required to pay Rs.50 lacs before 31.01.2012 and the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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