Redington (India) Limited, CHENNAI v. JCIT, CHENNAI

PER Dr.O.K.NARAYANAN, VICE-PRESIDENT This Stay Petition is filed by the assessee, praying for the collection of demand outstanding for the assessment year 2009- - - S.P. No. 74/Mds/2014 2

10. The assessee has already filed an appeal before the Tribunal for the said assessment year in I.T.A. No. 513/Mds/2014.

2. This Stay Petition was placed before the Bench on Friday, the 7th of March, 2014. Usually, Friday is the petition day.

3. In the course of hearing of the Stay Petition on 7th March, 2014, it was decided to prepone the hearing of the appeal itself. The appeal filed by the assessee on 28th February, 2014 has been fixed for hearing on 26th of May, 2014 by the Registry, in the usual course. At the time of hearing, it was held that instead of fighting too much on the Stay Petition itself, it is better to prepone the hearing of the appeal and dispose of the matter altogether. Thus, the hearing of the appeal has been preponed to Monday, 24th March, 2014.

4. As the hearing of the appeal has been preponed, the Stay Petition was also adjourned.

5. Today, the 10th of March, 2014, the petitioner has moved an Urgent Motion before the Bench to hear and dispose of the - - S.P. No. 74/Mds/2014 3 Stay Petition as the Revenue has already initiated coercive proceedings and recovered some substantial amount from the bank accounts operated by the assessee. It is in the light of the above Urgent Motion that the Stay Petition is placed today, before us for orders.

6. We heard Shri B. Ramakrishnan, the learned Chartered Accountant, appearing for the assessee and Shri Shaji P. Jacob, the learned Additional Commissioner of Income Tax, appearing for the Revenue.

7. It was stated at the time of hearing that the Revenue has already recovered about a sum of ` 7 Crores from the bank accounts of the assessee towards the disputed demand. The Revenue has attached all the bank accounts of the assessee as well.

8. On hearing both sides and in the light of the fact that an amount of about ` 7 Crores has already been recovered by the Revenue, we find it just and proper to grant a conditional stay in the present case. - - S.P. No. 74/Mds/2014 4

9. The assessee is directed to remit an amount of ` 15 Crores (Rupees Fifteen Crores) on or before Wednesday, 12th March, 2014, to the credit of the Revenue. If the amount is so paid, the collection of balance demand in this file is stayed till 31st August, 2014 or till the disposal of the appeal, whichever is earlier.

10. It is further directed that the Revenue shall vacate all the attachments and restraints clamped against the assessee, once the amount of ` 15 Crores is paid.

11. The Stay Petition is accordingly disposed of. Order pronounced in the open court at the time of hearing on Monday, the 10th of March, 2014 at Chennai. sd/- sd/- (S.S. Godara) (Dr. O.K.Narayanan) Judicial Member Vice-President Chennai, Dated, the 10th March, 2014. Kri. - - S.P. No. 74/Mds/2014 5 Copy to: 1. Appellant

2. Respondent

3. CIT

4. CIT(A)

5. DR

6. GF.