9911796707
TMI Blog2012 (7) TMI 154X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeal on effecting a further deposit by way of the 'second installment - WP(C).No. 13583 of 2012 (W) - - - Dated:- 18-6-2012 - MR.JUSTICE P.R.RAMACHANDRA MENON, J. For Appellant:- SRI.G.SHRIKUMAR (SR.), SRI.SREEJITH S.NAIR, SRI.K.G.JITHU JAGANNATH For Respondent:- SRI.JOSE JOSEPH, SC, FOR INCOME TAX P.R. RAMACHANDRA MENON, J. JUDGMENT In respect of the assessment year 2009-10, the petitioner filed return showing an annual income of Rs.3,42,42,790/- (Rupees three crores forty two lakhs forty two thousand seven ninety) attracting a tax liability of Rs.1,18,78,606/-(Rupees one crore eighteen lakhs seventy eight thousand six hundred and six), which is stated as satisfied. However, the assessing authority, be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No.400/3/81-ITCO) dated 3.4.1982 issued by the Central Board of Direct Taxes, wherein it has been stipulated that, where the income determined on assessment is substantially higher than the returned income, say, twice the latter amount or more, the collection of tax in dispute should be held in abeyance till the decision on that case, provided there is no lapse on the part of the assessee. Reliance is also placed on the decision rendered by the Allahabad High Court as borne by Ext.P7 in this regard. 4. The learned Standing Counsel appearing for the respondents submits on instructions that the idea and understanding of the petitioner as to the applicability of the Circular issued in 1982 is quite wrong and misconceived. The learned Stand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... only ground for passing the direction making the petitioner to satisfy 50% of the amount is only that, the appellant's financial position is not so bad as it is made out to be. 6. Taking note of the nature of the contentions raised by the petitioner, more so in view of the settled position of law on the point in approaching the issue with proper application of mind, this Court finds that the condition imposed by the appellate authority upon the petitioner requires modification. 7. The learned counsel for the petitioner submits that the petitioner has already satisfied an additional sum of Rs.30,00,000/-(Rupees thirty lakhs) towards the disputed tax liability. In addition to the said amount, proving the bonafides on the part of the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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