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TMI Blog2014 (10) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... writ petition challenging the imposition of a condition by the respondents, for the grant of stay of demand of the order of the Assessment Officer. 2. Heard Mr.R.Sivaraman, learned counsel for the petitioner. Mr.T.Pramod Kumar Chopda, learned Standing Counsel takes notice for the respondents. 3. The petitioner suffered an order of assessment for the year 2006-07 on 12.12.2008. The assessment wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment is Rs. 5,59,10,094/-. The grievance of the petitioner is two fold. The first is that the entire profit earned by the subsidiary company of the petitioner out of India, has been included in the total income of the petitioner and that the benefit under Section 10-A is denied. The income, as assessed as per the original order of assessment was Rs. 6,36,73,570/-. The total income assessed as per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he total income of the petitioner under any provision of law. Only if dividend is declared and if it is paid or accrues to the assessee from the foreign subsidiary, it is possible to add the same to the income of the petitioner. Therefore, the learned counsel contended that it is a clear case for the grant of unconditional order of stay. 8. I have carefully considered the above submissions. 9. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... posits with the respondents, without prejudice to their rights, a sum of Rs. 1.00 Crore within a period of eight weeks from the date of receipt of a copy of this order. The Appellate Commissioner shall dispose of the appeal within a period of four months from the date of receipt of a copy of this order. No costs. Consequently, M.P.No.1 of 2014 is closed. X X X X Extracts X X X X X X X X Extracts X X X X
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