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TMI Blog2019 (3) TMI 1611X X X X Extracts X X X X X X X X Extracts X X X X ..... to the exchange of shares and the ld. AO estimating the value of the shares of the assessee at ₹ 84.24 per share whereas the assessee valued the same at ₹ 100/-. As clear from the letter dated 5.3.2019 issued by the ld. AO that he granted stay of the balance amount, leaving ₹ 58.48 lacs that was already attached/realized, in two instalments i.e., 50% on 15.3.2019 and the rema ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Revenue : Sh. N.K. Bansal, Sr. DR ORDER PER K. NARASIMHA CHARY, JM By way of this application assessee seeks the stay of demand in respect of Assessment year 2014-15. 2. In this matter the addition was made by the learned Assessing Officer ( ld. AO ) u/s 56(2)(viib) of the Income-tax Act, 1961 ( the Act ). The assessee had issue equity shares to othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tayed, the assessee will be put to irreparable loss and injury. 3. Learned DR submits that there is no valid ground to grant any stay since the assessee themselves say that the department cannot proceed against the directors in their individual capacity u/s 179 of the Act and if the department so chose, they may recover the amount from the assessee. Learned DR, therefore, submits that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we deem it just and proper to grant stay of the balance demand for a period of six months subject to the condition that the assessee shall not part with the impugned shares or alienate them in any way till the disposal of the appeal. It is also directed that the assessee shall always be ready to proceed with the matter without asking for any time, failing which the stay shall stand vacated. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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