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TMI Blog2020 (3) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... tay, is perverse or unreasonable. In these circumstances, we are not inclined to interfere in the matter so far as grant of stay is concerned. In today's world of ultrafast banking transactions, it is difficult to believe that a period of 15 days is less than sufficient to organize an inward foreign remittance, and it is not even the case of the assessee that the assessee has paucity of funds. In any event, it is open to the assessee to point out all the related facts to the Commissioner, and seek appropriate relaxations as he may be advised. Suffice to say that in the absence of any perversity or any unreasonableness on the part of the With the consent of the parties, however, we have posted the matter for an out of turn hearing on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plying with the conditions attached to the grant of stay. 3. Learned counsel for the assessee made an attempt to demonstrate strong prima facie case in favour of the assessee. It was submitted that the assessee is a Cyprus based company, incorporated as a joint venture between two entirely unrelated companies incorporated in British Virgin Islands- namely Enfield Investments Holding Corp and Palam Management Corporation. The assessee company has held investments in various countries including Singapore, Germany, USA and Mauritius. The assessee company had made investments in, inter alia, a Singaporean company by the name of Accelyst. This investment was made, under an arrangement with Accelyst and in tandem with other investors- includin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax, being reasonable and appropriate, does not call for any interference. He also submitted that as the assessee is a foreign company with no presence in India, it is all the more important to protect the interests of the income tax department. He urged us not to interfere in the matter. In a brief rejoinder, learned counsel for the assessee submitted that he should at least be allowed two installments for making payment of 30% of the demand, and the time for making the payment may be extended to 29th February 2020 as it will take time for the assessee to bring in funds from abroad. 4. We have heard the rival submissions, perused the material on record and duly considered facts of the case in the light of the applicable legal pos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nner and there is no perversity or unreasonableness in their approach, there is no occasion for this Tribunal to interfere in the matter. The powers of the Tribunal to grant stay on collection/recovery of demands, during the pendency of appeal, cannot be exercised in a routine manner simply on the basis of an assessment of prima facie merits in the appeal. No case is made out that by making the partial payment of demands, as directed by the learned Commissioner, the assessee will be subjected to any serious and undue hardship. There is nothing to show that any significant inconvenience will be caused to the assessee in complying with the conditions imposed by the learned Commissioner, while granting the partial stay, or that the order of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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