INDRAYANI FERROCAST PRIVATE LIMITED Vs. DEPUTY OR ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 1(2), PUNE

JUDGEMENT

(1.) Rule. Rule made returnable immediately at the request and with the consent of the learned counsel for the parties.

(2.) By this petition under Article 226 of the Constitution of India, the petitioner has challenged order dtd. 24/2/2023 passed by the ACIT [(Central Circle 1(2)], Pune, order dtd. 16/3/2023 passed by the PCIT (Central), Pune and the order dtd. 23/3/2023 passed by the PCIT (Central), Pune whereby the petitioner's request for stay of demand for assessment year 2021-22, pending appeal, came to be rejected and the petitioner was directed to pay 20% of the demand in six installments.

(3.) The petitioner is a company engaged in the business of manufacturing M. S. Billets from melting MS Scrap. The petitioner filed its return of income declaring total income of Rs.7.52 crore. On account of search and seizure operation, the case of the petitioner was selected for complete scrutiny and an assessment order came to be passed on 30/12/2022 assessing income at Rs.23.39 crore. In the said assessment order, major additions are towards bogus purchases amounting to Rs.15.86 crore. Demand of Rs.5.86 crore was raised in the said order.