9911796707
TMI Blog2024 (4) TMI 406X X X X Extracts X X X X X X X X Extracts X X X X ..... ed tax in respect of the assessment year 2016-17, since the demand in order of assessment is in excess of Rs. 68 crores, a substantial amount will have to be remitted by the petitioner for maintaining the appeal. HELD THAT:- Since it is not seriously disputed that the case of the petitioner falls under the proviso Section 249(4)(b) of the 1961 Act, Ext. P17 appeal filed by the petitioner against Ext. P15 order of assessment for the assessment year 2016-17 can be directed to be disposed of on merits after affording an opportunity of hearing to the petitioner on the condition that the petitioner remits a total sum of Rs 12 crores against the demands in Ext. P15 order of assessment. An amount of Rs. 11.75 crores shall be remitted by the petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed investment under Section 69 of the 1961 Act. The petitioner was, therefore, assessed at the higher rate of tax by applying the provisions of Section 115 BBE of the 1961 Act. 2. According to the petitioner, the petitioner had earlier approached this Court challenging the order of assessment by filing W.P.(C) No. 13736/2022. However, that writ petition was disposed of on 30.01.2024 refusing to interfere with the order of assessment and directing that the petitioner will have to avail statutory remedies against the order of assessment. According to the petitioner, he filed an appeal before the authority under the Faceless Appeal Scheme, 2021 along with an application for stay. It is the case of the petitioner that by virtue of the provision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submit that the demand relates to the assessment year 2016-17. It is submitted that even in the year 2017-18, the petitioner has made substantial investments in immovable property while not filing a return of income or paying even the admitted tax in respect of the assessment year 2016-17. It is submitted that since the demand in Ext. P15 order of assessment is in excess of Rs. 68 crores, even if the appellate authority were to consider the case as one covered by the proviso to Section 249(4)(b) of the 1961 Act, a substantial amount will have to be remitted by the petitioner for maintaining the appeal. 5. Having heard the learned Senior Counsel appearing for the petitioner and the learned Standing Counsel appearing for the respondent Depar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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