9911796707
TMI Blog2014 (4) TMI 741X X X X Extracts X X X X X X X X Extracts X X X X ..... deration – no specific order has been passed on the application seeking stay on the recovery of outstanding demand - also, the Registry is directed to post the appeal of the assessee for hearing on an out-of-turn basis before the regular Bench - Decided partly in favour of Assessee. - SA No.30/PN/2014 (Arising out of ITA No.116/PN/2014) - - - Dated:- 11-4-2014 - Shri Shailendra Kumar Yadav And Shri G. S. Pannu,JJ. For the Appellant : Mr. Ajay Wadhwa For the Respondent : Mr. A. K. Modi ORDER Per G. S. Pannu, AM By way of the present petition, assessee is seeking stay on the recovery of outstanding demand arisen as a result of an assessment made by the Assessing Officer u/s 143(3) of the Income Tax Act, 1961 (in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out that the said decision of the Assessing Officer is based on the judgement of the Hon ble Delhi High Court in the case of CIT vs. Regency Creations Ltd., (2012) 27 taxmann.com 322 (Delhi). The learned Representative submitted that the assessee has good prima-facie case to succeed on two counts. Firstly, according to him assessee was eligible for the alternative claim of exemption u/s 10A of the Act and the same has been denied by the CIT(A) on insufficient grounds. The CIT(A) denied the claim as it was not claimed in the return of income and also for the reason that the requisite Form No. 54F was not attached with the return of income. The learned Representative pointed out that on both the grounds the claim has been unjustly disallowed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar as it is necessary to evaluate the balance of convenience in order to dispose of the captioned stay application, we have considered the nature of the dispute. Be that as it may, on the aspect of the outstanding demand we find that the adjustment of MAT credit in terms of section 115JAA of the Act sought by the assessee is still not determinate, and as per the submissions put-forth by the learned Representative, the same is before the Assessing Officer. Under these circumstances, we direct the Assessing Officer to consider the assessee s plea for grant of MAT credit of Rs.1,10,88,518/- claimed to be available for assessment years 2008-09 and 2009-10 and only thereafter determine the net demand outstanding for the year under consideration. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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