9911796707
TMI Blog2020 (11) TMI 655X X X X Extracts X X X X X X X X Extracts X X X X ..... nion that even if the present writ petition(s) are dismissed at this stage, the maximum amount that the petitioners can be directed to deposit pursuant to the impugned orders and circulars issued by the CBDT would be 20% of the remaining demand which can only be ₹ 1,71,03,416/-. Keeping in view the aforesaid factual scenario, this Court is of the view that there is no reasonable ground fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2. Present writ petitions have been filed challenging orders issued by respondents whereby the penalty demand of ₹ 293,28,50,153/- for the assessment years 2006-07, 2007-08, 2008-09, 2009-10 and 2010-11 were stayed subject to payment of 20% of the said amount. Petitioner also sought to restrain the respondents from initiating recovery of any demand of penalty imposed on the petitioner f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication is not in the hands of the petitioner alone. Subject to the petitioner depositing ₹ 10,00,00,000/- in two equal instalments of ₹ 5,00,00,000/- on or before 29th June, 2018 and 31st July, 2018, respectively, there would be stay of recovery by coercive steps till the next date of hearing. The deposit would be made with the Income Tax Department. We clarify that the applicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1-12 have been dropped and consequential appeal effect orders have been passed. 6. He states that what remains before the Commissioner of Income Tax (Appeals) is the appeals for AY 2006-07, 2007-08 and 2008-09 and the total cumulative penalty amount for these years is ₹ 8,55,17,078/- and 20% of the same works out to ₹ 1,71,03,416/- only. He emphasizes that in view of the aforesaid d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs and circulars issued by the CBDT would be 20% of the remaining demand which can only be ₹ 1,71,03,416/-. 10. Keeping in view the aforesaid factual scenario, this Court is of the view that there is no reasonable ground for the revenue to hold the excess amount i.e. ₹ 8,28,96,584/- and the same is directed to be released to the petitioners within four weeks. 11. With the aforesa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
