The Income Tax Appellate Tribunal (ITAT), Mumbai Bench in relief to Sony Pictures Networks, granted the extension of stay of demand for a further period of 180 days.
The appellant, Sony Pictures Networks seeks to get extension of demand amounting to Rs.71,12,41,378 already stayed by the Tribunal for the assessment year 2010-11, till the disposal of appeal.
The appellant submits that the Tribunal in its order had initially granted stay on the recovery of demand of Rs.112,29,02,350 of the assessee with a direction to the Revenue to adjust a refund of Rs.41,16,60,980 that was due to the assessee for Assessment Year 2007-08. Accordingly, it was submitted that an amount to the tune of 36% of the total outstanding demand has already been recovered by the Revenue. Thus it is stated that as there is no change in the circumstances, the stay will be extended for a period of six months.
The coram of Mahavir Singh and N.K. Pradhan found that the appeal could not be disposed of for one reason or the other, but for no fault of the assessee. In fact, the case is fixed for hearing before the Tribunal.
The ITAT further noticed that the assessee has paid Rs.41,16,60,980 out of Rs.1,12,29,02,350 which is 36% of the demand.
Therefore, the Tribunal granted the extension of stay of demand for a further period of 180 days from the date of this order or till the disposal of the present appeal, whichever is earlier.
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