M/S. MONARCH Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) The petitioner has challenged the impugned notice issued under Section 143 of the Income Tax Act, 1961, copies of which are produced as Annexures-A1 and A2 and has also challenged the order dated 13.12.2019, copy of which is enclosed as Annexure-B and the demand pursuant to the assessment order at Annexure-C dated 13.12.2019.

(2.) The petitioner submits that as against the assessment order at Annexure-B, an appeal has been filed before the Commissioner of Income Tax (Appeals). It is further submitted that the petitioner had filed an application for stay and had sought for interim relief and the Assessing Officer as per the order at Annexure-X has ordered that there would be stay of 80% of the disputed demand till disposal of the appeal, subject to payment of Rs.61,17,317/- (20% of the demand) on or before 07.02.2020.

(3.) It is the contention of learned counsel for the petitioner that subsequent to the order at Annexure-X, the petitioner has approached the Principal Commissioner of Income Tax on 07.02.2020 and had sought for stay of recovery of demand including the direction of Assessing Officer directing the petitioner to deposit Rs.61,17,317/- of the demand. The petitioner has furnished copy of the detailed representation made to the Principal Commissioner of Income Tax detailing various contentions, justifying stay of recovery of demand and making out a case that the demand is high pitched and has also contended that the assessment order has disallowed expenditure of Rs.6,53,34,735/- as allowable under Section 37(1) of the Income Tax Act, 1961, as the said amount was already declared as income during the assessment year 2012-2013. Various other contentions have also been raised.