Stay of Demand -ITAT asks to furnish surety to Assessing Officer

We have heard the learned D.R. in this regard and carefully perused the record. 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.

INCOME TAX APPELLATE TRIBUNAL, MUMBAI

SA No. 99/Mum/2012

(Arising out of ITA No. 7055/Mum/2011)

(Assessment Year: 2008- 09)

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