9911796707
TMI Blog2019 (9) TMI 1240X X X X Extracts X X X X X X X X Extracts X X X X ..... o-operative Bank Limited v. Commissioner of Income Tax [ 2019 (3) TMI 1580 - KERALA HIGH COURT] in the context of the deduction claimed under Section 80P of the Income Tax Act, as also the directions stated to have issued by a Division Bench in writ appeals, that only 1% of the tax amount confirmed against assessees under Section 68 of the Income Tax Act, need to be deposited, pending disposal of the appeals by the First Appellate Authority, I dispose the writ petition by directing the 2nd respondent to consider and pass final orders on Ext.P3 appeal pending before him, within an outer time limit of four months from the date of receipt of a copy of this judgment, after hearing the petitioner. It is made clear that till such time as orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de additions to the income declared by the petitioner under Section 68 of the Income Tax Act. The assessment was thereafter completed by computing the total income at ₹ 16,33,40,980/- and a demand notice was issued demanding tax at ₹ 7,68,74,764/-. Penalty proceedings were also initiated by issuing appropriate notices. 2. It would appear that while the petitioner preferred an appeal against the assessment order before the First Appellate Authority (2nd respondent herein), in a stay application preferred by the petitioner before the said authority, a conditional stay was granted subject to the petitioner paying 20% of the tax amount attributable to the additions to income made under Section 68 of the Income Tax Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions stated to have issued by a Division Bench in writ appeals, that only 1% of the tax amount confirmed against assessees under Section 68 of the Income Tax Act, need to be deposited, pending disposal of the appeals by the First Appellate Authority, I dispose the writ petition by directing the 2nd respondent to consider and pass final orders on Ext.P3 appeal pending before him, within an outer time limit of four months from the date of receipt of a copy of this judgment, after hearing the petitioner. It is made clear that till such time as orders are passed by the 2nd respondent in the appeal as directed, and the order communicated to the petitioner, further proceedings including those pursuant to Exts.P7 and P8 communications, for recover ..... X X X X Extracts X X X X X X X X Extracts X X X X
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