9911796707
TMI Blog2012 (4) TMI 191X X X X Extracts X X X X X X X X Extracts X X X X ..... 6/. The grievance of the Petitioner is that while the order of assessment was passed on 09 March 2012 under Section 143(3) r/w Section 147 of the Income Tax Act, 1961, the Petitioner was directed to pay the entire demand within a period of one week of the order of assessment. 2 The Petitioner filed an application before the first Respondent under Section 220(6) on 12 March 2012. That application was rejected on the ground that the application for stay did not fall within the guidelines framed in instruction No.1914 issued by the CBDT. In a subsequent letter dated 15 March 2012 addressed to the Commissioner of Income Tax the Petitioner recorded that there was no reason to require the Petitioner to pay the entire amount within a period of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) to forthwith pay the amount held in the mutual funds. 5 Under the provisions of Section 220(1) it has been stipulated that any amount other than by way of advance tax specified as payable in a notice of demand under Section 156 shall be paid within thirty days of the service of a notice. The proviso to Subsection (1) stipulates that where the Assessing Officer has any reason to believe that it would be detrimental to the interests of the Revenue if the full period of 30 days is allowed, he may direct, with the previous approval of the Joint Commissioner, that the sums specified in the notice of demand shall be paid within a period of less than 30 days. The proviso to Subsection (1) of Section 220 is in the nature of an exception ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal attachment has already been levied on 7 October 2011 under Section 281B by which the amount which was invested by the Assessee in mutual funds of SBI Mutual Funds was attached. The attachment was to the extent of Rs.36.54 Crores. That being the position evidently there would have been no basis for forming a reason to believe that if the period of 30 days was to be observed under Section 220(1), that would be detrimental to the Revenue. Merely because the end of the financial year is approaching that cannot constitute a detriment to the Revenue. The detriment to the Revenue must be akin to a situation where the demand of the Revenue is liable to be defeated by an abuse of process by the Assessee. This is of course illustrative, for what ..... X X X X Extracts X X X X X X X X Extracts X X X X
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