TELETUBE ELECTRONICS LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) AS counsel for the respondent has made appearance, in view of the short controversy arising for decision, we have heard the parties finally.

(2.) RULE DB.

(3.) THE Dy. CIT Range IV passed an order of assessment against the petitioner raising a demand of Rs. 9,53,42,953 on account of income -tax and Rs. 6,81,64,603 on account of interest making a total of Rs. 16,35,07,556. The petitioner has filed an appeal against the order of assessment. The petitioner also moved an application under S. 220(6) of the Act before the AO seeking stay of the demand, so as not to treat him in default in respect of tax forming subject -matter of appeal. The AO has vide order dt. 6th March, 1997 rejected the petitioner's application. The petitioner moved an application before the CIT which has been partly allowed vide order dt. 23rd July, 1997 (Annexure -P6). The CIT directed the petitioner to pay a sum of Rs. 2 crores until the disposal of the first appeal.