9911796707
TMI Blog2003 (9) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... s under challenge in this writ petition. - In the immediately preceding assessment year on an almost similar set of facts, the petitioner was directed to deposit only a sum of Rs. 140 crores against a demand of approximately Rs. 405 crores, the impugned direction by the Assessing Officer to the petitioner to pay the whole of the amount in dispute as a pre-condition for stay of recovery of the dema ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was created against the petitioner on account of certain additions/disallowances, mainly under sections 43B, 80-IA and 80HHC of the Income-tax Act, 1961. The said demand was later on rectified to Rs. 138.02 crores. Aggrieved, the petitioner preferred appeal to the Commissioner of Income-tax (Appeals). Simultaneously, the petitioner moved an application with the Assessing Officer for stay of recov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in view of the regular method of accounting adopted by the petitioner for the last many years, the main disallowance made by the Assessing Officer under section 43B of the Act is unsustainable and, therefore, the petitioner should not be asked to deposit the demand as a pre-condition for stay. It is also pointed out that in respect of the assessment year 1999-2000, wherein on almost similar issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... direction to pay the aforenoted amount in instalments cannot be said to be unreasonable. Having heard learned counsel for the parties and bearing in mind the fact that in the immediately preceding assessment year on an almost similar set of facts, the petitioner was directed to deposit only a sum of Rs. 140 crores against a demand of approximately Rs. 405 crores, we feel that the impugned direct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w listed for October 22, 2003, expeditiously. It is alleged that the Income-tax Department is time and again seeking adjournment in the said appeal, with the result that its disposal is being delayed. Having regard to the fact that the issues arising for consideration of the Tribunal have recurring effect, we hope and trust that the learned Tribunal shall try to dispose of the appeal, pending befo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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