9911796707
TMI Blog2014 (3) TMI 844X X X X Extracts X X X X X X X X Extracts X X X X ..... nd once it is decided in favour of the assessee, it will result in refund of tax for the year under consideration instead of the present outstanding demand - the balance of convenience lies in favour of the assessee and it is a fit case to stay the outstanding demand as sought by the assessee – thus, the outstanding demand stayed till the disposal of appeal – Decided in favour of Assessee. - SA No. 106/Mum/2014 Arising out of ITA No. 1795/Mum/2014 - - - Dated:- 26-3-2014 - Shri P. M. Jagtap, AM And Dr. S. T. M. Pavalan, JM,JJ. For the Applicant : Shri Yogesh A. Thar For the Respondent : Shri Ajay (Addl. (IT) Shri Abhyuday A. Anand ORDER Per P. M. Jagtap, A.M. By this Stay Application, the assessee is seeking s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2003-04 to 2008- 09 consistently but took a different stand in A.Y. 2009-10. He submitted that the ld. CIT(A), however, deleted the said disallowance made by the A.O. and the matter is now pending in appeal before the Tribunal. He submitted that in the year under consideration i.e 2010-11, the A.O. again repeated the disallowance on account of broken period interest and the ld. CIT(A) has confirmed the same, even after the history/background of assessee s own case on the similar issue was brought to his notice, on a very strange ground that the copy of the judgment of Hon ble Supreme Court rejecting the SLP was not filed by the assessee before him. He submitted that the copy of the said judgment was very much placed on record by the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch in the recovery of outstanding demand from the assessee by giving fifteen days time to the assessee to pay the outstanding demand. He submitted that the relevant securities held by the assessee are treated by the A.O. as investment in the year under consideration by giving sound reasons as against the treatment given in the earlier years as stock-in-trade. He contended that the disallowance on account of broken period interest thus has been made by the A.O. on a specific ground which is different from the earlier years and the ld. CIT(A) already having confirmed the said disallowance made by the A.O., it cannot be said that the assessee has a good prima facie case on merit on this issue. He contended that the case of the assessee thus is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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