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TMI Blog2004 (12) TMI 282X X X X Extracts X X X X X X X X Extracts X X X X ..... gra Bench, or 16th June, 2004, when the following orders were passed: "In the totality of the facts and circumstances of the case and without commenting on the merits of the various additions, we exercise the inherent powers of the Tribunal in favour of the assessee and consequently grant absolute stay of the demand outstanding against the assessee as on 11th June, 2004, with the further directions that: (i) the banks which have been served with notice under s. 226(3) of the Act directing for payment out of assessee's account will not remit any amount to the IT Department on or after 11th June, 2004. (ii) that the recovery proceedings started either by the AO or any other authority of the IT Department including the TRO, will remain s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M, Smt. Diva Singh, and the learned AM, Shri ML. Gusia, when it is stated that the Bench had directed the learned senior Departmental Representative to convey to the concerned authorities the Bench's verbal orders announced in the Court as per which to maintain the status quo in respect of stay of demand already granted by the Tribunal as per order dt. 16th June, 2004, till 28th Dec, 2004. 7. This verbal order of the Tribunal was communicated by the learned senior Departmental Representative, Shri P.L. Kelkar, by fax under his letter No. F. No. Misc./Addl. CIT/ITAT/Agra/2004-2005, dt. 17th Dec, 2004 to the TRO, Range 2, Farrukhabad, a copy of which was endorsed to Asstt. CIT, Range-2, Farrukhabad, Asstt. CIT, Farrukhabad, and to the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Farrukhabad Gramin Bank with the commercial banks against the outstanding demand of Rs. 4,56,64,455 + interest due to be realised from the Farrukhabad Gramin Bank. Shri Dayal Saran, legal counsel of the assessee, brought to the notice of the Hon'ble Members of the Tribunal that the Department has issued notices under s. 226(3) to various commercial banks and other institutions attaching the amount at Rs. 57.83 crores as against the outstanding demand of Rs. 4.57 crores approximately for the reasons best known to the officers of the Department. At this stage, both the Hon'ble Members of the Tribunal observed that they ventilate their displeasure about the matters in this case in the open Court but they do not want to record the same in w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l. CIT (Sr. DR) Tribunal, Agra Bench, Agra." 9. The assessee's counsel, Shri Dayal Saran, also communicated the Tribunal's verbal orders to the Asstt. CIT, Range-2, Farrukhabad, on 17th Dec, 2004, itself by way of fax message sent at 1.24 P.M. on 17th Dec, 2004, and the letter reads as under: "The Addl. CIT, Range-2, Farrukhabad. Sir, Re: Demand outstanding against M/s Farrukhabad Gramin Bank, Farrukhabad. PAN: AAALF 0004 B P. Att. Shri Waseem Arshad. This is to inform you that the Tribunal, Agra Bench, Agra, has extended the stay of demand for asst. yr. 2001-2002 till 28th Dec, 2004. This order was passed in open Court and the Tribunal was pleased to direct the senior Departmental Representative to convey the above. Y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was in the light of the above facts and circumstances of the case that the counsel for the assessee has strongly stressed not only the extension of the stay till receipt of order in appeal but also apprised that amount recovered by the Revenue during the stay of recovery of the demand granted by the Tribunal may be directed to be refunded immediately. The learned counsel was, however, offered to pay 50 per cent of the demand immediately on receipt of refund of the amount since recovered by the Department. 12. The learned Departmental Representative was fair enough to admit the factual position but still submitted that when the assessee is ready to pay 50 per cent of the demand then what is the harm if recovery of whole of the demand made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and should have restrained himself from realising the proceeds of the said banker's cheque. 14. Since the fact that the date of realisation of the cheque under reference and the proceeds of the cheque in question are not on record, we, in addition to extending the stay till decision of the appeal or for a period of 180 days from the date of this order, whichever expires earlier, direct the Asstt. CIT, Range-2, Farrukhabad, that in case the proceeds of the banker's cheque in question have been realised after depositing the same into Government account after 1.24 P.M. on 17th Dec, 2004, then the whole of the amounts so recovered may be refunded to the assessee within a period of three days from the receipt of this order. These directions ar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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