OM SINDHOORI CAPITAL INVESTMENTS LTD Vs. JOINT CIT

JUDGEMENT

(1.) IN connection with the balance of tax of Rs. 17,86,464 and interest or Rs. 16,76,850 the learned counsel for the assessee has produced before us a chart, which shows that the tax amount due as on date is Rs. 14,86,464 and the interest payable is Rs. 16,76,850.

(2.) WE heard the learned counsel for the petitioner and the learned senior standing counsel for the revenue. We are of the view that the interests of justice would be met by directing the petitioner herein to pay the balance amount of tax of Rs. 14,86,464 by instalments of Rs. 75,000 per mensem and the first instalment shall be paid on or before 15 -12 -2002 and the subsequent instalments shall be paid on or before 15th of every succeeding month till the balance of tax amount is paid in full. There will be stay of the collection of the interest amount of Rs. 16,76,850 pending disposal of the Tax Case. However, it is made clear that if the petitioner commits default in the payment of any one of the instalments, the stay granted will stand automatically vacated. This petition is ordered accordingly.