9911796707
TMI Blog2019 (6) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... :- The assessee has established the prima facie case in its favour and also balance of convenience is in its favour for grant of stay on the balance outstanding demand in dispute in respect of the AY 2010-11. Accordingly we grant the Stay on the outstanding demand in dispute for the period of 180 days or till the disposal of the aforesaid main appeal, whichever occurs first and also direct the AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... balance outstanding of ₹ 125,00,000/- arising out of penalty proceedings u/s. 271(1)© of the Income Tax Act, 1961 (in short " Act") on account of disallowance of interest of expenses of ₹ 223.03 crores and disallowance of professional fees for ₹ 2.50 crores. 2. Before us, Ld. Senior Counsel Shri Ajay Vohra submitted that from the last two occasions i.e. on 11.4.2019 and 23. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... use notice; and secondly, on merits also, so far disallowance of interest is concerned, even if it is not allowed u/s. 36(1)(iii), then same needs to be allowed u/s. 57 (iii) as the payment of interest is not in dispute and was directly related to earning of interest and moreover, the assessee is ready to argue the main appeal. In view of above, he requested to grant the Stay on the balance outsta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re of the considered view that the assessee has established the prima facie case in its favour and also balance of convenience is in its favour for grant of stay on the balance outstanding demand in dispute in respect of the assessment year 2010-11. Accordingly, in the interest of justice, we grant the Stay on the outstanding demand in dispute for the period of 180 days or till the disposal of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
