P PREMKUMAR Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) HEARD learned counsel for the petitioner and learned Standing Counsel for the Income Tax Department. Since appeal is pending before the Tribunal and having regard to the contentions raised, there will be stay against recovery of balance tax with interest due as per the impugned order during pendency of the appeal on petitioner remitting Rs. 35 lakhs in two installments, first installment of Rs. 20 lakhs will be paid on or before 30/06/2007 and balance Rs. 15 lakhs will be paid on or before 31/07/2007. Tribunal will take up the appeals and dispose of the same within four months from now. If petitioner does not make payment as above, recovery proceedings can be continued for recovering entire arrears. This WP(C) is disposed of as above.