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TMI Blog2014 (3) TMI 689X X X X Extracts X X X X X X X X Extracts X X X X ..... Jurisdictional High Court has not been considered by the Tribunal - several extensions of stay of outstanding demand have been granted to the assessee from time to time, primarily for the reason that assessee has deposited the entire tax amount and only part of the interest amount is outstanding and that the assessee has not been in default for not conducting the appeal before the tribunal – thus, stay of the outstanding demand should be extended for further period of six months from the date of issuance of the order or passing of the order by the Tribunal in the appeal – Decided in favour of Assessee. - SA No. 65/Mum/2014 Arising out of ITA No.157/Mum/2012 - - - Dated:- 7-3-2014 - R. C. Sharma, AM And Shri Amit Shukla, JM,JJ. Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the issue involve in this case are that, assessee in its return of income has claim exemption u/s.10A of Rs.25,93,89,197/-. While arriving at its income under the head profits and gains from business or profession, the applicant-assessee had suo moto disallowed a sum of Rs.4,83,24,907/-, being reimbursement of salary and expenses which actually went to enhance the profit. The Assessing Officer had denied the assessee, deduction u/s10A on this suo moto disallowance of Rs.4,83,24,907/-. The assessee s case was that such a disallowance will only go to enhance the profits of business of undertaking which again in turn will be eligible for deduction u/s.10A. 4. It has been brought to our notice by both the parties that the similar issue invo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r section 10A. Despite this decision of the Jurisdictional High Court, the Tribunal has decided this issue against the assessee, probably because, the said decision was not cited or brought to the notice before the Tribunal. Thus, the assessee has prima facie good case by virtue of Jurisdictional High Court and also more than 70% of the demand has already been paid therefore, the extension of the Stay should be considered in favour of the assessee. 6. On the other hand, ld. senior DR submitted that the stay should be granted or extended only when the assessee has a strong and prima facie good case in his favour and also the financial position of the assessee is very stringent. Here in this case, once the Tribunal, in assessee s own case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of business expenses and secondly, the said decision of the Jurisdictional High Court has not been considered by the Tribunal. Further in this case several extensions of stay of outstanding demand have been granted to the assessee from time to time, primarily for the reason that assessee has deposited the entire tax amount and only part of the interest amount is outstanding and that the assessee has not been in default for not conducting the appeal before the tribunal. Since the facts and circumstances remains the same, therefore, we are of the opinion that stay of the outstanding demand of Rs.63,85,261/- should be extended for further period of six months from the date of issuance of this order or passing of the order by the Tribunal in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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