Case Law Details
Under para 4(A) of the O.M. dated 29.02.2016, a case where outstanding demand is disputed before the CIT(A) (as in the present case), the assessing officer shall grant stay of demand, till the disposal of the first appeal on payment of 15% of the disputed demand, unless the case falls in category discussed in para 4(B). It is not in dispute that the present case would not fall in the category as provided in para 4(B) of the O.M. and thus, would be governed by para 4(A).
Full Text of the Judgment is as follows :-
Rule made returnable forthwith. The learned Counsel for the respondent, waives service. Heard finally by consent of parties.
2. The petitioner is a Company engaged in the business of manufacturing base station antennas, microwave antennas, R.F. cables, jumpers and connectors and trading in related products.
3. On 30.11.2012, the petitioner filed a return for the Assessment Year 2012-13, declaring loss of Rs.10,23,16,807/-. It appears that the case of the petitioner was selected for scrutiny and as per the final assessment order dated 06.05.2016, the petitioner was served with a notice of demand for Rs.16,90,79,380/-. In short, against a returned loss of 10,23,16,807/-, the respondents have raised a demand of Rs. 16,90,79,380/-. Undisputedly, the petitioner has challenged the said assessment in an appeal, which is pending before the learned CIT (A).
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