9911796707
TMI Blog2019 (2) TMI 1275X X X X Extracts X X X X X X X X Extracts X X X X ..... , 'A' Bench, Chennai (hereinafter called the Tribunal) in the stay petitions filed by the assessee in S.P.Nos.393 to 399/Chny/2018 in ITA.Nos. 2841 to 2847/Chny/2018 for the assessment years from 2009-10 to 2015- 16. 2. The assessee filed petitions before the Tribunal praying for stay of the outstanding demand of Rs. 9,33,16,430/-. The Tribunal, by the impugned common order, after taking note of the hardship faced by the assessee on account of attachment of the bank accounts, granted stay of the demand subject to payment of instalment of Rs. 50 lakhs payable on or before 30th/ 31st of every English calendar month and the first instalment should be paid on or before 31.12.2018. Being aggrieved by the said condition, the assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ong with return of income wherein the assessee adopted accretion of net asset method for the purpose of computing the taxable income as the books of accounts were not properly maintained earlier to the search operations. Further, the assessee would contend that the other documents, which were produced by the assessee, were not considered by the CIT(A). So far as the prayer for stay is concerned, the assessee contended that on account of various factors, his business operations were very much affected, that the bank account was also frozen and that consequently, he was unable to carry on business. 8. On a perusal of the common impugned order, we find that the Tribunal accepted the assessee's case that he is facing hardship on account o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct the interests of the Revenue by slightly modifying the order passed by the Tribunal. 11. Accordingly, the writ petitions are disposed of by directing the petitioner to pay a sum of Rs. 3,00,00,000/- (Rupees three crores only) in two instalments. The first instalment of Rs. 1,00,00,000/- (Rupees one crore only) shall be paid on or before 31.1.2019. The remaining amount of Rs. 2,00,00,000/- (Rupees two crores only) shall be paid either in one lumpsum or in two instalments on or before 15.3.2019. If the assessee complies with the above conditions within the time stipulated, there will be a stay in respect of the remaining amount as demanded. If the petitioner does not comply with the above conditions within the time stipulated, the benefit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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