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TMI Blog2019 (1) TMI 1060X X X X Extracts X X X X X X X X Extracts X X X X ..... ee is also directed to file necessary paper book, if any, at an early date and adjournment should not be seeked unless for any unavoidable circumstances. Stay application of the assessee is allowed subject to the terms and conditions stated hereinabove. Stay application of the assessee is allowed subject to the terms and conditions stated hereinabove. - S.A. No. 01/Ind/2019 And Arising out of I.T.A. No. 936/Ind/2018 - - - Dated:- 17-1-2019 - MR KUL BHARAT, JUDICIAL MEMBER AND MR MANISH BORAD, ACCOUNTANT MEMBER For The Applicant : Shri Sumit Nema, Sr. Adv With Gagan Tiwari, Adv. For The Respondent : Shri K.G. Goyal, Sr. DR ORDER PER MANISH BORAD, A.M. This stay application is filed at the instance of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s which are duly supported by audit report and statement of affairs marked at Annexure A/1 which demonstrates the dire financial status of the assessee. On behalf of the assessee he also submitted that the assessee company is prepared to offer assets of the company as security for the satisfaction of the Income Tax Department and necessary valuation report of the assets are marked at Annexure A/2. Request was also made that the income tax refund pending in favour of the appellant may be adjusted against the demand. 5. Apart from this Ld. Senior Counsel for the assessee also agreed to pay a total sum of ₹ 20 crores in installments up to 15.3.2019 if stay of the remaining demand is granted. 6. On the other hand, the Ld. Department ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the outstanding demand; Installment Amount To be deposited up to 1st Rs.5 crores 31.1.2019 2nd Rs.5 crores 15.2.2019 3rd Rs.5 crores 28.2.2019 4th Rs.5 crores 15.3.2019 (ii) The assets marked in Annexure A/2 of the stay application shall stand as security with the Income Tax Department and the assessee will not sale any of the assets mentioned in Annexure A/2 without the permission of Income Tax Department. 10. The stay granted to the assessee will be in operation only if the assessee fulfills the above stat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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