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TMI Blog2019 (3) TMI 289X X X X Extracts X X X X X X X X Extracts X X X X ..... inciples of natural justice. An application for stay of demand in terms of section 220(6) states that an Assessing Officer may, at his discretion, consider a petition for stay only upon the assessee presenting an appeal to the first appellate authority under Section 246 of the Act. In the present case, admittedly, an appeal is yet to be filed. Learned counsel for the petitioner however, states on instructions that the petitioner proposes to challenge the impugned order of assessment forthwith and has not done so till date only on account of the pendency of this writ petition. This Court has proposed a via media as far as recovery is concerned, bearing in mind the interests of both parties. As suggested that the petitioner remit a sum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roducts'. Mr.R.Vijayaragavan, learned counsel appearing for the petitioner submits that that the aforesaid addition, quantified at a figure of ₹ 103,36,13,286/- has been made without issuance of a show cause notice and without reference to the detailed submissions advanced by the assessee in that regard. He points out to errors in the methodology adopted for computation that I am not inclined to go into insofar as the same involves appreciation of facts which this Court will not do in a Writ Petition under Article 226 of the Constitution of India. 4. The second ground canvassed is in relation to a disallowance made under section 35(2AB) of the Act in respect of a deduction for expenditure incurred on scientific research and de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsideration. 3. As the aforementioned writ stay petitions are heard and pending before the Hon'ble High Court of Madras, the petitioner most humbly prays that this respectful authority may not to treat the petitioner as assessee-in-default and be pleased to keep the collection proceedings on the demanded tax amount of ₹ 70,06,02,535/- in abeyance until the disposal of writ stay petitions by the Hon'ble Court. 4. The petitioner further prays that this respectful authority may be pleased to grant an opportunity of being heard before disposal of this petition. The Assessee's submission was considered and it was noted that:- (i) The assessee has filed a W.P. against the assessment order and for stay of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. According to him, the petitioner does not have any means of doing business and the attachment of the bank accounts has brought its business to a grinding halt. Mr.Vijayaraghavan thus prays that some interim protection be granted in so far as recovery is concerned, particularly since the returns of income in respect of the later assessment provide for a substantial refund of amounts remitted by the petitioner. 7. Mr.A.P.Srinivas, learned counsel appearing for the respondent has filed a detailed counter affidavit, the sum and substance of which is that the order of the Assessing Officer is correct and that if the petitioner were aggrieved with the same, the proper course of action would be to avail the appellate remedy before the first ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In the facts and circumstances as I have noted above, this Court has proposed a via media as far as recovery is concerned, bearing in mind the interests of both parties. It was suggested that the petitioner remit a sum of ₹ 5,00,00,000/- to the Income tax Department upon receipt of which the assessing officer will lift the attachments on three bank accounts of the petitioner namely, the accounts in the ICICI, HDFC and SBI. The petitioner is permitted to file an appeal within one week from today and if the lime limit as imposed is complied with, the Commissioner of Income Tax (Appeals) will take the appeal on file without reference to limitation. Further orders in regard to stay or otherwise, of recovery of the disputed demand, will ..... X X X X Extracts X X X X X X X X Extracts X X X X
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