2013 (6) TMI 887

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..... i K.K.Gupta, These petitions for stay of demand for the respective Assessment Years are before us on the Petitioner assessee praying for stay of the demand of tax against the assessee when the assessee had claimed income being exempt u/s.10B of the I.T.Act,1961 for the AYs which demand has been raised on account of disallowance of exemption u/s.10B. 2. The learned Counsel for the assessee .....

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..... perused the material available on record. We are of the considered view that the assessee has been deprived of the legitimate revenue by way of raising the demands insofar as the taxation of the debtors and creditors would leave no finance to the assessee the business having been closed on the direction of the Government. In this view of the matter, we are inclined to grant stay for both the AYs .....

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