9911796707
TMI Blog2018 (4) TMI 1874X X X X Extracts X X X X X X X X Extracts X X X X ..... % of the disputed tax is not sustainable in law. For the above reasons, the Writ Petition is allowed, the impugned order is set aside. There will be an order of stay of collection of the tax pertaining to the assessment year 2015-16 till the disposal of the Appeal. The learned counsel appearing for the petitioner submitted that before the matter could be taken up, the third respondent has already taken a demand draft from the petitioner's bankers for a sum. The petitioner is granted liberty to submit a representation to the respondents 2 and 3 for repatriation of the said amount of ₹ 36,00,000/- to the bank account of the petitioner. If such representation is made, the respondents 2 and 3 shall consider the same, bearing in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der, dated 31.10.2017, observed that, he was aware of the fact that the ITAT, Chennai, held that the assessee is eligible to claim exemption under Section 10 (23) (iv), However, it was further observed that, as against the order of the ITAT, the Department has preferred an Appeal before the Devision Bench of this Court, yet, the relief was denied to the petitioner. As against the said order, the petitioner has preferred an Appeal and the same is pending. In the meantime, the petitioner moved a Petition for interim orders and the second respondent, vide order, dated 1.12.2017, granted stay of the entire demand pertaining to the assessment year 2015-16 till the disposal of the Appeal. The second respondent noted that the CIT (Appeals)-VII, in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt year 2015-16 till the disposal of the Appeal. The learned counsel appearing for the petitioner submitted that before the matter could be taken up, the third respondent has already taken a demand draft from the petitioner's bankers for a sum of ₹ 36,00,000/- (Rupees Thirty Six Lakh only). 6. In the light of the above, the petitioner is granted liberty to submit a representation to the respondents 2 and 3 for repatriation of the said amount of ₹ 36,00,000/- to the bank account of the petitioner. If such representation is made, the respondents 2 and 3 shall consider the same, bearing in mind the observation made by the second respondent, in the earlier order, dated 31.10.2017 as well as the observation made in the order, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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