Having regard to the circumstances of the case we are of the view that the balance of convenience is in granting conditional stay. As declared in the open court, assessee is directed to pay a sum of Rs. 75,00,000/- on or before 15th March 2012 and with regard to the balance outstanding demand assessee should furnish proper surety to the Assessing Officer. The Registry is directed to post the appeal for final hearing on 23rd April 2012. Since the date is announced in the open court the issuance of notice to the parties is dispensed with.
In the case on hand it is to be noticed that it is a case of income escaping the assessment. It may not be a tax of avoidance but it would be a case of a return, which is filed with all the material escaping the attention of the Assessing Authority.
