In case of appeal for stay of collection of demand the assessee have to give surety to the AO for the outstanding amount

Last updated: 02 March 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
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 `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.

Citation :
M/s.Continental Warehousing Corporation (Nava Seva) Ltd. D. No. 1088, Khopta Village Tal. Uran, Dist: Raigad, Navi Mumbai PAN - AAACC 5849 CApplicant Vs. ACIT, Panvel Circle Panvel, Dist Raigad Respondent