ITAT stays tax demand because the assessee has a prima facie case in its favour

Lucknow Development Authority Vs ACIT (ITAT Lucknow)

2012-13, 2013-14, 2014-15, 2015-16 & 2016-17

Therefore, at the end ITAT approved to stay the outstanding demand for a period of six months from the date of this order or till disposal of the appeals, whichever is earlier, provided the assessee deposits the above noted amounts within the prescribed period.

FULL TEXT OF THE ITAT JUDGEMENT

These Stay Petitions have been filed by the assessee with a request to stay the recovery of demand of Rs.4,54,65,690/- for assessment year 2012-13, Rs.52,52,74,380/- for assessment year 2013-14, Rs.1,26,35,77,950/- for assessment year 2014-15, Rs.1,21,14,26,680/- for assessment year 2015-16 and Rs.93,58, 17,342/- for assessment year 2016-17, totaling to Rs. 3,98, 15,62,042/-, till disposal of the appeal.

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