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TMI Blog2019 (4) TMI 1377X X X X Extracts X X X X X X X X Extracts X X X X ..... tstanding demand as discussed above in two installments. The first installment of ₹ 10 Lacs shall be deposited on or before 28th February 2019 and the remaining installment of ₹ 10,00,000/- will be deposited on or before 15th March 2019. It is also important to note that after making the aforesaid payment of ₹ 20 lacs the total payment of the outstanding demand shall constitute 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Roy, Judicial Member For the Applicant : Shri G.C. Pipara, AR For the Respondent : Shri Jayant Javeri, Sr.DR ORDER PER WASEEM AHMED, ACCOUNTANT MEMBER: The assessee in this petition is seeking a stay on the recovery of the outstanding demand amounting to ₹ 55,38,956/- only. 2. The assessee in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... confirmation of accounts, a copy of the bank statements/ passbooks, a copy of ITR, etc. The parties extended the loan to the assessee also confirmed the transactions in response to the notice issued under 133(6) of the Act to them. However, the addition was made by the AO which was sustained by the ld CIT(A) without considering the supporting documents filed at the time of the hearing. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of outstanding demand. 9. We have heard the rival contentions and perused the materials available on record. Having regard to the facts of the case as discussed above, we are inclined to grant a stay of outstanding demand subject to the deposit of ₹ 20,00,000/- towards the outstanding demand as discussed above in two installments. The first installment of ₹ 10 Lacs sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seek any adjournment of the case on the date of hearing and if it does so, the bench hearing the appeal of the assessee will be at liberty to revoke this order granting the stay of recovery of the outstanding demand. Thus, the stay petition filed by the assessee is allowed in terms of above. 10. In the result, the Stay Petition filed by the assessee is allowed. This ..... X X X X Extracts X X X X X X X X Extracts X X X X
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