2018 (12) TMI 1612

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..... around the disputed facts of the case and therefore, it cannot be said that there is prima facie case in favour of the assessee. Thus it is not a fit case for stay of demand. However, keeping in view of the hardships of the assessee is facing on account of attachment of bank accounts, we grant the stay of demand subject to payment of installment of ₹ 50.00 lakhs payable on or before 30th .....

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..... anding demand of ₹ 9,33,16,430/-. It is submitted before us that the demand in question has arisen on account of wrong methodology adopted by the Assessing Officer (in short AO ) for the purpose of computing taxable income in the assessments framed u/s.143(3) r.w.s.153A of the Income Tax Act, 1961. Thus, it is submitted that the assessee has a strong prima facie case in his favour. Therefor .....

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..... ery calendar month, the first installment shall be paid on or before 31.12.2018 and the assessee shall issue a cheque in favour of the Department for ₹ 50.00 lakhs, after receipt of the cheque, the AO shall lift the bank attachments. The stay shall cease to operate, in case, the assessee seeks adjournment from hearing of the appeal without any just and reasonable cause. 5. In the result, .....

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