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TMI Blog2016 (6) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... interim order passed by the learned single judge shall stand modified to the effect that there shall be stay against recovery of the demanded amount on condition that the appellant furnishes bank guarantee equivalent to 30% of the demand on or before 06/06/2016 and further gives an undertaking also to be given before that date to this court through its Managing Director for the remaining 70% of the demanded amount declaring that, in the event the appellant fails in the petition and the demand is confirmed, ultimately, the amount equivalent to 70% with accrued interest shall be paid within a period of three months from the date of the final order. - Appeals disposed of - WRIT APPEAL No.842/2016 & WRIT APPEAL Nos.992-1002/2016(T-RES) - - - D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant is that even Section 39(2) was not on the statute, which has been invoked since Section 39, which is invoked has come into force in the year 2013, whereas reassessment is concluded in the year 2012. 8. Learned counsel for the appellant has also relied upon the decision of the Apex Court in the case of Deputy Commissioner of Imcome Tax others Vs. M/s.Simplex Concrete Piles (India) Limited [2012 (IT1)-GJX-0430-SC], whereby the view taken is that the subsequent reversal of the legal position of the decision by the judgment of the Supreme Court does not authorize the Department to reopen the assessment, which stood closed on the basis of the law, as it stood at the relevant time. 9. On the aspects of availability of Section 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection would meet the ends of justice: The interim order passed by the learned single judge shall stand modified to the effect that there shall be stay against recovery of the demanded amount on condition that the appellant furnishes bank guarantee equivalent to 30% of the demand on or before 06/06/2016 and further gives an undertaking also to be given before that date to this court through its Managing Director for the remaining 70% of the demanded amount declaring that, in the event the appellant fails in the petition and the demand is confirmed, ultimately, the amount equivalent to 70% with accrued interest shall be paid within a period of three months from the date of the final order. The parties shall agitate their rights and con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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