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TMI Blog2019 (3) TMI 1069X X X X Extracts X X X X X X X X Extracts X X X X ..... rashtra for ₹ 48 Crores. The subsidy is not yet received. If such an amount is received, the Petitioner should deposit the entire amount of ₹ 10 Crores minus what is already recovered by the department, as soon as subsidy is received. If the Petitioner misses any if the installments, it would be open for the department to recover the tax. - WRIT PETITION NO. 431 OF 2019 - - - Dated:- 7-3-2019 - AKIL KURESHI M.S. SANKLECHA, JJ. Mr. Madhur Agrawal i/b. Mr. A. K. Jasani, for the Petitioner. Mr. N. C. Mohanty, for the Respondents. P.C: Petitioner seeks additional time to deposit a total of ₹ 10 Crores, which was a condition imposed by the Income Tax Appellate Tribunal (in short the Tribunal ) to enable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be given additional time, during which, with assistance of the parent company, the Petitioner would deposit the amount. 5. On the other hand, Shri Mohanty, learned Counsel for the Revenue opposed the Petition, contending that, the Petitioner has been given more than sufficient time. 6. In our order dated 28th February, 2019, we had directed the Petitioner to present revised time table for depositing amount on affidavit. Pursuant to such directions, the Petitioner has filed an affidavit dated 7th March, 2019, in which, revised time schedule for meeting with the requirements of deposit of ₹ 10 Crores has suggested as under: 07/03/2019 Recovery of the monthly rental 57,13, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as mentioned in the chart above, is accepted. Petitioner shall act accordingly; (ii) The responsible officer of the Petitioner Company shall file an undertaking before this court latest by 15th March, 2019 that the company shall deposit the amount as suggested; (iii) If the parent company of the Petitioner receives the subsidy from the State Government sooner, the entire amount of ₹ 10 Crores (inclusion of amount already recovered by the department) shall be deposited with the State Government soon after receipt of such subsidy; (iv) If there is any default in depositing any of the installments by the Petitioner, it would be open for the department to proceed further with the recoveries. In other words, the stay grant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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