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TMI Blog2018 (11) TMI 650X X X X Extracts X X X X X X X X Extracts X X X X ..... ment from recovering 80% tax arising out of such additions, can the revenue proceed to recover the penalty, which is admittedly relatable to such additions. AO undoubtedly has a discretion to grant stay against the recovery of the penalty amount and in the process impose suitable conditions. In any case, the Court in exercise of writ jurisdiction failed as possible, either to stay the demand f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order. 2. By an order dated 23.01.2018, Income Tax Appellate Tribunal confirmed certain conditions in the hands of the petitioner assessee, which gives rise to sizable tax demand within vicinity of ₹ 400 Crores. Against such judgment of the Income Tax Appellate Tribunal the petitioner has preferred Tax Appeal No.52 of 2018 before this Court. This Tax Appeal was admitted on 21/03/2018. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... omparable sale instance. The tax liability arising out of the judgment of the Tribunal is in the vicinity of ₹ 507.74 Crores. We are informed that the assessee has so far deposited ₹ 76.87 Crores. Under the circumstances, further coercive recovery arising out of the judgment of the Tribunal would be stayed on condition that the applicant deposits a further sum of ₹ 23.13 Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uch Appeal is decided. On such application the Assessing Officer passed the impugned order on 25.10.2018 insisting that the petitioner deposits 20% of the penalty amount subject to which the remaining penalty would be stayed. 4. We have heard learned Counsel Shri S.N. Soparkar for the petitioner and Shri Manish Bhatt for the Department on advance copy. Prima facie the question that would aris ..... X X X X Extracts X X X X X X X X Extracts X X X X
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