9911796707
TMI Blog2019 (10) TMI 646X X X X Extracts X X X X X X X X Extracts X X X X ..... me. Accordingly, we extend this stay of demand for a further period of 180 days from today, for both the years, on the following conditions: - (i) AO will resolve the issue of refund of ₹ 28 crores pertaining to AY 2015-16 and will grant this refund to the assessee. In turn, the assessee will deposit this amount of ₹ 28 crores relating to demand for AY 2012-13 within 7 working days from the date of receipt of the refund. (ii) AO will verify the refund for AY 2004-05, 2005-06 and 2007-08 and if there is refund arising out of the above assessment years then the same is to be adjusted against the demand of AY 2013-14. For this, the Revenue will inform the Tribunal after verifying how much is the refund for these assessment ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed hereinabove, we are of the opinion that the assessee has a prima facie case and a conditional stay can be granted. Accordingly, we grant the stay of demand on the following conditions: 1. The assessee shall pay of ₹ 15 crores on or before 31.3.2018. 2. The refund of ₹ 28 crores due in the name of amalgamating company shall be promptly paid to the Revenue in the name of the assessee company and when received. 3. The registry is directed to fix the cases for out of turn hearing on 07.05.2018. 3. The learned Counsel for the assessee Ms. Aarti Sathe offered that a sum of ₹ 28 crores being refund for AY 2015-16 arising in the name of amalgamating com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ustment of refund the ACIT 13(3)(2), Mumbai vide letter No. ACIT/13(3)(2)/Thomson Reut./2019-20/3 dated 11.04.2019 has informed the Tribunal as under: - Direction from ITAT Action taken The Hon ble ITAT had directed AO to adjust the refund of AY 2004-05 and AY 2005-06 against the demand for AY 2013-14 and directed to dispose all the pending rectification application for AY 2007-08, and if there was any refund arising out of the above, then the same should be adjusted against the demand of AY 2013-14. The said refund cannot be adjusted against the demand of the AY 2013-14 as the refunds are on PAN AABC10605H and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1663L in the name of erstwhile company. Hence, to resolve this aspect of refund, the AO is directed to take necessary action at his end. On this, the learned Counsel for the assessee has stated that the assessee has given consent for the same. Accordingly, we extend this stay of demand for a further period of 180 days from today, for both the years, on the following conditions: - (i) That the AO will resolve the issue of refund of ₹ 28 crores pertaining to AY 2015-16 and will grant this refund to the assessee. In turn, the assessee will deposit this amount of ₹ 28 crores relating to demand for AY 2012-13 within 7 working days from the date of receipt of the refund. (ii) Further, the AO will veri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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