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TMI Blog2021 (4) TMI 710X X X X Extracts X X X X X X X X Extracts X X X X ..... led by the assessee seeking extension of the stay on the recovery of the outstanding demand, the Tribunal, vide its order dated 13th March, 2020 was pleased to allow the same. At this stage, we may herein observe that the Tribunal while extending the stay on the recovery of the outstanding demand vide its aforesaid order dated 13th March, 2020, had after taking cognizance of the fact that the assessee had already paid 15% of the outstanding demand for the year in question, had therein directed the A.O to recover/adjust the balance 5% of the outstanding demand from the refund that had accrued pursuant to the order passed by the Tribunal in its case for A.Y. 2012-13. As pointed out by the ld. A.R the department despite the aforesaid specif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing extension of the stay on the recovery of the outstanding demand of ₹ 13,49,85,350/- for A.Y. 2014-15 has been filed by the assessee applicant on 29.01.2021. 2. The ld. Authorized Representative (for short A.R ) for the assessee took us through the facts pertaining to the captioned application. It was submitted by the ld., A.R that the Tribunal vide its order dated 8th March, 2019 had stayed the recovery of the outstanding demand subject to a rider that 15% of the rectified demand of ₹ 15,88,06,350/- (including interest) shall be deposited by the assessee on or before 31st March, 2019. It was submitted by the ld. A.R that in compliance to the direction of the Tribunal the assessee had deposited an amount of ₹ 2,38,2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fund of ₹ 1 crore (approx) had accrued in its favour, the Tribunal, had thus while extending the stay on the recovery of the outstanding demand directed the A.O to give effect to the aforesaid order of the Tribunal for A.Y. 2012-13 and adjust the refund, if any, against the demand for the year in question i.e A.Y. 2014-15. At the same time, it was observed by the Tribunal that in case if after adjustment of the refund for A.Y.2012-13 the amount deposited by the assessee still fell short of 20% of the outstanding demand for the year in question then, the assessee would pay the said balance amount. In sum and substance, the Tribunal while extending the stay vide its last order dated 13.03.2020, had observed, that as the assessee had alr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... balance 5% of the same be adjusted out of the refund that had accrued to the assessee pursuant to the order passed by the Tribunal in its case for A.Y.2012-13, the department had failed to carry out the necessary adjustment and not implemented the said order. In the backdrop of the aforesaid facts, it was averred by the ld. A.R that as the delay in disposal of the appeal was on no occasion attributable to any lapse on the part of the assessee, and in substance 20% of the outstanding demand can safely be held to have been deposited by the assessee and/or lying in its account with the government exchequer, therefore, the application filed by the assessee for extension of the stay on the recovery of the outstanding demand merits acceptance. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion was pending before the Tribunal. As observed by us hereinabove, on an application filed by the assessee seeking extension of the stay on the recovery of the outstanding demand, the Tribunal, vide its order dated 13th March, 2020 was pleased to allow the same. At this stage, we may herein observe that the Tribunal while extending the stay on the recovery of the outstanding demand vide its aforesaid order dated 13th March, 2020, had after taking cognizance of the fact that the assessee had already paid 15% of the outstanding demand for the year in question, had therein directed the A.O to recover/adjust the balance 5% of the outstanding demand from the refund that had accrued pursuant to the order passed by the Tribunal in its case for A. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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