9911796707
TMI Blog2017 (10) TMI 1217X X X X Extracts X X X X X X X X Extracts X X X X ..... t of stay. It is submitted by the learned counsel that total tax liability in respect of the four petitioners is 3,03,28,295/- and interest of revenue would be safeguarded if 15% of the tax demand is directed to be paid by the petitioners. 15% of the said amount works out to 45,49,244/- out of which 8 lakhs has already been recovered. Hence, there will be a direction to the petitioners to pay 37,49,244/- for being entitled to a grant of stay. The payment shall be effected in one lump sum or installments within a period of 12 weeks from the date of receipt of a copy of this order. X X X X Extracts X X X X X X X X Extracts X X X X ..... nsider the petitioners' petition for stay of demand dated 25.04.2016 and pass orders on merits and in accordance with law, after affording an opportunity of personal hearing, as expeditiously as possible, preferably within a period of four weeks from the date of receipt of a copy of this order. Till such time, the impugned notices shall be kept in abeyance. 4. In fine, for the reasons stated above, the writ petitions are disposed of. No costs. Consequently, connected miscellaneous petitions are closed." 3. Pursuant to the above direction, the first respondent issued notice dated 28.08.2017 to the petitioners directing them to appear for a personal hearing with regard to the stay petitions filed by them. The petitioner would contend t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellate Authority in the pending appeals. All that is required to be seen is that pending disposal of the appeal, the interest of revenue should be sufficiently safeguarded. 6. The assessment itself was pursuant to a search and seizure operation. Statements have been recorded from the third parties. The second respondent concluded that there is gross undervaluation of the value of the property. In such circumstances, this Court is of the view that the petitioner should be put on stringent condition for being entitled to an order of interim stay. Learned counsel for the petitioner placed reliance on the decision of this Court in GMV Projects & Systems Vs. Assistant Commissioner of Income Tax, Circle 15(1) Chennai [2017] 84 Taxmann.com 14 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
