- (1.) WE have heard Shri Rakesh Ranjan Agrawal, learned counsel for the petitioner, and Shri R.K. Upadhyaya, learned standing counsel appearing for the respondents and have perused the writ petition, its Annexure as also the impugned to deposit Rs. 5,00,000 within seven days and further deposit the balance amount in ten equal fortnightly instalments while deciding the stay application filed by the petitioner.
(2.) IT may be mentioned here that an assessment for the block period has been made under s. 158BC of the IT Act, in which the total income has been assessed at Rs. 1,02,96,970 and a sum of Rs. 66,13,897 has been assessed as income - tax. The petitioner had preferred an appeal before the CIT(A), Agra and also filed an application for grant of interim relief. The CIT(A) while deciding the application has taken note of the fact that the petitioner has a sum of Rs. not clear from the record as to whether the petitioner had filed any document showing the position of cash -in -hand and bank balance on the date when the CIT(A) had heard the stay application filed by the petitioner. As the position of cash in hand and bank balance was not before the CIT(A), he was justified in taking the figures, which available before him, balance was only to the tune of Rs. 24,34,055.69, the order directing the deposit of Rs. 5,00,000 within a fortnight and the balance amount in ten equal instalments fortnightly is little harsh.
(3.) THE interest of justice would be best served, if the petitioner is directed to deposit a sum of Rs. 15,00,000 within ten days from today and furnish security for the balance amount to the satisfaction of the AO within the same period. The assessing authority shall not insist upon furnishing of security in the form of cash or bank guarantee. If the petitioner complies with the aforesaid direction, the recovery of the balance amount of tax pursuant to the assessment order dt. by the petitioner. The writ petition is disposed of.;