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TMI Blog2024 (11) TMI 813X X X X Extracts X X X X X X X X Extracts X X X X ..... sed company which holds 99.99% of share capital of the assessee - HELD THAT:- We observed that the issue under consideration is more or less covered by various decisions of Hon ble Delhi High Court and other High Courts. We also observed that assessee has already remitted 20% of the total outstanding demand and relevant bank challan is already filed in the form of paper book. Considering the above ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erma, Sr. DR ORDER PER S.RIFAUR RAHMAN, AM: 1. Applicant/Assessee, Vivo Mobile India Private Limited (hereinafter referred to as the assessee ) filed the present stay application sought to stay the demand of Rs. 1,41,76,68,830/- out of assessment order passed u/s 143 (3) r.w.s. 144C of the Income-tax Act, 1961 (for short the Act ). 2. At the time of hearing, ld. AR for the assessee submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pursuant to which VMCC provides intellectual property rights to assessee relating to its business of trading, import, exports, manufacturing and distribution of mobile communication devices and its accessories. Pursuant to the assessment, assessee is in appeal before ITAT and on the merits of the case, he submitted that considering the shareholding structure of the assessee company, the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee has already deposited 20% of the total outstanding demand. Accordingly, he prayed that the stay may be granted in faovur of the assessee. 5. On the other hand, ld. DR for the Revenue objected to grant of total stay. 6. Considered the rival submissions and material placed on record. We observed that the issue under consideration is more or less covered by various decisions of Hon ble Delhi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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