AI Structured Summary
Not yet generated for this judgment
Judgment
Kul Bharat, J
The present stay application is moved by the assessee for granting stay against recovery of outstanding demand of Rs.90,84,04,468/- relating to Assessment Year 2016-17.
Ld. Counsel for the assessee reiterated the submissions as made in the stay application seeking stay of the outstanding demand. He took us through the chart submitted alongwith the application and submitted that out of the total demand of Rs.90,84,04,468/- only demand of Rs.12 crores could be recoverable since the Assessing Officer himself made protective addition in respect of the issues pertaining to the rest of the additions. He S.A.No.-44/Del/2021 [In ITA No.403/Del/2021] further submitted that the assessment is high-pitched assessment and the assessee has a very strong case and is likelihood of every success.
On the contrary, Ld. Sr. DR opposed the submissions and submitted that the assessee has not stated its financial status as there is no financial constrains, hence no stay be granted. He further objected to the submission of the Ld. Counsel for the assessee that the assessment in question is high-pitched assessment. He contended that the issue could be decided in the quantum appeal not in the stay application.
We have heard the rival contentions and perused the material available on record. During the course of hearing, Ld. Counsel for the assessee sought instruction and submitted that the assessee is ready to deposit further Rs.50 Lakhs and prayed for staying the balance outstanding demand.
After considering the submissions made at bar, we deem it proper and interest of justice to grant stay of outstanding demand subject to the following conditions:-
[i] the assessee will deposit sum of Rs.70 Lakhs in the Government Account on or before 30.04.2021; and
[ii] the assessee will not seek any adjournment without any reasonable cause.
Thus, the stay of outstanding demand will be operative for a period of 90 days from the date when the assessee fulfills the condition stated herein above. The stay application is disposed in the terms stated above. The Registry is directed to fix the hearing of appeal on 24.05.2021.
In the result, the stay application filed by the assessee is allowed.
Above decision was pronounced on conclusion of Virtual Hearing in the presence of both the parties on 16th April, 2021.