SESA GOA LIMITED Vs. JOINT COMMISSIONER OF INCOME

JUDGEMENT

(1.) HEARD learned counsel appearing on behalf of the petitioner as well as learned counsel appearing on behalf of the respondent.

(2.) BOTH these petitions pertain to the Assessment year 2010 -11 and 2011 -12. The petitioner filed its return of income. An assessment order was passed directing them to pay tax of Rs. 448 crores in respect of the 2010 -11 and for the year 2011 - 12 an amount of Rs. 675 crores. The petitioner company has challenged these orders by filing an appeal before Commissioner of Income Tax (Appeals) (hereinafter referred to as "CIT(Appeals) for short). In the said appeal application for stay was filed. CIT(Appeals) after hearing the appeal for stay by order dated 25.2.2013 has directed the petitioner to pay 50 percent of the demand for each order on or before 4.3.2013. Learned counsel appearing on behalf of the petitioner inter alia contended that the issue in respect of the deductions which are to be made available to the petitioner under Section 10(B) are pending before Income Tax Appellate Tribunal (hereinafter referred to as "ITAT" for short) for the assessment year 2009 -10 and it is contended that if the said appeal is allowed by ITAT in that event it would offset the demand which is made for the year 2010 -11 and 2011 -12. It is submitted that the hearing of the said appeal was concluded on 20.12.2012. We are informed that members of ITAT have already started dictating the said order. However, the said order may not be available till the end of March, 2013.

(3.) RELIANCE has been placed on the number of decisions of this Court in support of the said submission.