SINHGAD TECHNICAL EDUCATION SOCIETY Vs. DEPUTY COMMISSIONER INCOME TAX CENTRAL CIRCLE 2(2), PUNE & ORS.

JUDGEMENT

(1.) This Petition under Article 226 of the Constitution of India challenges the order dated 10th November 2017 passed by the Income Tax Appellate Tribunal, Pune (Tribunal) on an application for stay under Section 254(2A) of the Income Tax Act, 1961(Act).

(2.) By the impugned order the Petitioner's application for stay of recovery of demand aggregating to Rs. 142.98 Crores was granted on the condition of the Petitioner depositing Rs. 18 Crores in three instalments i.e. Rs. 6 Crores each on 30th November 2017, 30th December 2017 and 15th January 2018 pending the disposal of the Petitioner Appeals for Assessment Years 2009 - 2010 to 2014 - 2015 by the Tribunal. The impugned order dated 10th November 2017 also granted an out of turn hearing on 18th January 2018 subject to the payment of Rs. 18 Crores. However impugned order further records that in the absence of complying with the condition of deposit, the stay would stand vacated and the appeals would be heard in the normal course and not on an expeditious basis on 18th January 2018 as a stay granted matter.

(3.) This Petition was first mentioned on 28th November 2017 seeking an ad-interim relief from depositing the sum of Rs. 18Crores in three instalment as ordered by the Tribunal and a stay of recovery proceedings. However, at that time the Petitioner informed the Court that they are in no position to deposit any amount. Thus this court by order dated 28th November 2017 refused to grant any ad-interim relief and the Petition was directed to be placed on board for admission in its own turn.