9911796707
TMI Blog2012 (11) TMI 391X X X X Extracts X X X X X X X X Extracts X X X X ..... id outstanding tax of Rs.3,57,12,514/- against the disputed demand of tax for Rs.10,84,45,192/- and further provided security of Rs.7,84,45,192/- which is accepted by the revenue. It was further prayed by the learned AR that the additional payment of Rs.50,00,000/- against the outstanding tax on or before 25th of every month is unwarranted and brings enormous hardships to the assessee. The learned AR submitted that since the revenue is already secured with the security for the entire outstanding tax liability, this monthly remittance of Rs.50,00,000/- may be stayed. The learned AR further pointed out Schedule II Rule 34 of the IT Act which stipulates that "Attachment by seizure shall not be excessive, that it to say, the property attached s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... during the recovery-proceedings from the fact that the petitioner had not paid even a single penny of tax-demand till date despite being given sufficient, reasonable and affordable opportunities on all the forum ranging from the office of the A. O. to the office of CIT and even at the level of Hon'ble High Court. 5. The petitioner seems to be a habitual tax-evader and noncompliant petitioner which is evidences from the fact that despite being specifically directed by the Hon'ble High Court to pay Rs. 3 crores immediately and security for the rest of the Rs.9 crores, not even a single penny was paid by the applicant. So much so the petitioner has not paid his advance tax-due for the first quarter of the current year despite earning taxable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... complicated and requires substantial deliberations. Therefore, in the interest of justice and to avoid hardships to the assessee, we hereby reduce the monthly installments required to be paid by the assessee of Rs.50,00,000/- to Rs.15,00,000/- and the same shall be paid before the end of every month starting from 12th of October, 2012. The Registry is hereby directed to post these cases for an early hearing on 08-11-2012. Since the date of hearing is announced in the open court before both the parties notice need not be issued. The assessee and the revenue are directed not to seek unnecessary adjournments and complete the proceedings at the earliest. Accordingly, these Stay Petitions are allowed as indicated above. 5. In the result, Stay ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
