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TMI Blog2025 (2) TMI 657X X X X Extracts X X X X X X X X Extracts X X X X ..... tly being done. Learned counsel for the Petitioner, whilst not denying this fact, did submit that loans and advances have been obtained from multiple parties and there are certain confirmations placed on record regarding the unexplained receipts. This is, with respect, neither here nor there. Learned counsel for the Petitioner submitted that financial hardships were only one of the grounds in support of the plea for an unconditional stay. He submitted that the Petitioner relied upon the decisions of this Court, which substantially enhanced the chances of success in the appeal. If the Petitioner is a very reputed big builder undertaking various projects, we find it difficult to believe that the Petitioner is unable to even pay 20% of the ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Petitioner challenges the orders/communications dated 5 July 2024 and 12 December 2024 by which the Assessing Officer (AO) and Principal Commissioner of Income Tax (PCIT) have granted the Petitioner interim reliefs staying recovery of 80% of the demanded tax amount provided the Petitioner deposits 20% of the demanded tax amount which works out to approximately Rs.3.2 crores. 3. Mr. Gandhi submits that the decisions of this Court cover the Petitioner's case, and since this is a high-pitched assessment, an unconditional stay should have been granted. He submitted that the CBDT Circulars, which referred to the deposit of 20% of the amount, cannot be elevated to the status of a statutory requirement for a deposit of 20% of the demanded t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the unexplained receipts. This is, with respect, neither here nor there. Learned counsel for the Petitioner submitted that financial hardships were only one of the grounds in support of the plea for an unconditional stay. He submitted that the Petitioner relied upon the decisions of this Court, which substantially enhanced the chances of success in the appeal. 8. If the Petitioner is a very reputed big builder undertaking various projects, we find it difficult to believe that the Petitioner is unable to even pay 20% of the tax amount amounting to approximately Rs.3.2 crores to secure a stay on the recovery of the balance amount. The Petitioner has also not been candid with the authorities. Despite more than adequate opportunities, full de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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