Thyssen Krupp Industries India Pvt. Ltd. v. Cit

PER R.S. SYAL, AM : By this stay application, the assessee requires the Tribunal to stay the outstanding demand of Rs.11,68,21,388/-/- till the disposal of the captioned appeal by the Tribunal.

2. We have heard both the sides and perused the relevant material on record. The ld. AR contended that he has a strong prima facie case and hence stay should be granted along with early hearing. On the contrary, the ld. DR opposed the stay application.

3. Considering the entire conspectus, the relevant facts and circumstances of the case, we grant the stay for a period of one hundred and eighty days from the date of this order or the disposal of appeal, which ever is earlier, subject to the condition that the assessee shall pay 20% of the outstanding demand of Rs.11.68 crores in two equal monthly instalments, that is Rs.1.16 crores on or before 30-11-2011 and another Rs.1.16 crores on or before 31-12-2011. On the submission of the proof of payment of above referred sum, the Registry shall fix this appeal for hearing on 03-01-2012, as was pronounced in the open court on the conclusion of hearing. Apart from the deposit of the above referred amount, the assessee will also furnish an undertaking to the satisfaction of the AO that it shall not alienate any of its immovable assets till the disposal of appeal. Further, the assessee will not be entitled to seek any adjournment without just cause. In case any of the above conditions is/are violated, the case shall be delisted from the priority list to be taken up for hearing in due course.

3. In the result, the stay application is allowed in above terms. Order pronounced in the open Court on the 21st day of October, 2011. Sd/- Sd/- (R.S. PADVEKAR) (R.S. SYAL) JUDICIAL MEMBER ACCOUNTANT MEMBER Mumbai: 21st October , 2011. Copy to : 1..Assessee.

2. Department

3 CIT(A)-concerned.

4 CITconcerned. 5.DR,E Bench,Mumbai. 6.Master file. (TRUE COPY) BY ORDER, Asst.Registrar, ITAT, Mumbai. Details Date Initials Design ation

1. Draft dictated on 21-10-11 Sr.PS/

2. Draft Placed before author 21-10-11 Sr.PS/

3. Draft proposed & placed before the Second Member JM/AM

4. Draft discussed/approved by Second Member JM/AM

5. Approved Draft comes to the Sr.PS/PS Sr.PS/

6. Kept for pronouncement on Sr.PS/

7. File sent to the Bench Clerk Sr.PS/

8. Date on which the file goes to the Head clerk

9. Date on which file goes to the AR

10. Date of dispatch of order