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TMI Blog2023 (9) TMI 694X X X X Extracts X X X X X X X X Extracts X X X X ..... the scaled-down amount i.e., Rs. 33,05,82,936/-; which is a figure arrived at, after giving credit to the petitioner/assessee in respect of tax deposited by the third parties. In other words, contrary to the contention of respondents/revenue, the amount that an assessee would need to deposit for the purposes of obtaining stay on the demand pending the decision in the appeal will have to factor in TDS and TCS. Given the foregoing reasons, we are inclined to direct the respondents/revenue to refund the amount, which is in excess of 20% of Rs. 44,10,05,569/- after carrying out the requisite verifications. The amounts already collected by TDS and TCS will have to be adjusted against the amount arrived at by applying the rate of 20% against t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent Year (AY) in issue i.e., AY 2021-22, the petitioner/assessee had filed a Return of Income (ROI) on 15.03.2022, wherein it had declared its taxable income as Rs. 1,04,06,610/-. 6.1 The Assessing Officer (AO), however, while processing the return, made an addition amounting to Rs. 146,72,96,789/- via the assessment order dated 19.12.2022. This assessment order was passed under Section 144 read with Section 144B of the Income Tax Act, 1961 [in short, Act ]. 7. Resultantly, the aggregate tax liability of the petitioner/assessee was pegged at Rs. 44,10,05,569/-. 8. The petitioner/assessee claims that after adjustments were made with regard to the tax deducted at source (TDS) and tax collected at source (TCS) amounting to Rs. 11,03, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lance demand, which is Rs. 33,05,82,936/-, in addition to the amount recovered as TDS and TCS. 13.1 In support of this plea, Mr Sunil Agarwal draws our attention to paragraph 2 of the aforementioned OM. For the sake of convenience, paragraph 2 of the OM is extracted hereafter: 2. In part C of the Instruction, it has been prescribed that a demand will be stayed only if there are valid reasons for doing so and that mere filing of an appeal against the assessment order will not be a sufficient reason to stay the recovery of demand. It has been further prescribed that while granting stay, the field officers may require the assessee to offer a suitable security (bank guarantee, etc.) and/or require the assessee to pay a reasonable amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee in the form of TDS and TCS. 19. Likewise, the respondents/revenue have also recovered Rs. 14,11,32,594/-, which was payable to the petitioner/assessee as refund qua AY 2022-23. 20. As noticed above, the total sum which the respondents/revenue have recovered against the crystallized tax liability of Rs. 44,10,05,569 is Rs. 25,15,55,227/- [Rs. 11,04,22,633/- + Rs. 14,11,32,594/-]. The said amount is 57.04% of the crystallized tax liability which, as indicated above, is Rs. 44,10,05,569/-. 21. Therefore, unless the conditions prescribed in paragraph 4(B) of the aforementioned OM kicked in, the respondents/revenue could have recovered only 20% of the crystallized demand of Rs. 44,10,05,569/-. 22. It is not the case of the res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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