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TMI Blog2014 (3) TMI 1155X X X X Extracts X X X X X X X X Extracts X X X X ..... lized for acquiring a capital asset. The assessee has with regard thereto made out a prima facie case before us. As against the demand relatable to the gain on revenue account, as informed, the Revenue has already compensated itself by annexing the assessee s bank account, appropriating over ₹ 16 lacs. Under the circumstances, therefore, we consider it a fit case for grant of stay for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 14.02.2014, seeking stay of the outstanding demand of ₹ 357.79 lacs for the assessment year (A.Y.) 2010-11. 2.1 Placing a chart by way of explaining the issue leading to the impugned demand, it was submitted by the ld. Authorized Representative (AR), the assessee s counsel, that the same is in respect of taxability of the foreign exchange gain. The same arises in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he said loan, on which the foreign exchange gain arises, was for the purpose of acquiring a vessel by the name Bulk Prosperity . The demand, therefore, is misconceived. 2.2 The ld. DR, on the other hand, would submit that the said amount has not been invested in the capital asset, which forms the basis for considering the impugned gain as the assessee s income. The ld. AR, on this, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as informed, the Revenue has already compensated itself by annexing the assessee s bank account, appropriating over ₹ 16 lacs. Under the circumstances, therefore, we consider it a fit case for grant of stay for the balance demand of little over ₹ 350 lacs. So, however, on a query by the Bench with regard to the non-fund security, with a view to safeguard the interest of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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