ASHWANI KUMAR MISHRA,J. - (1.) This revision arises out of an order passed by the Tribunal refusing to grant interim protection to the assessee, to the extent of deposit of balance 20% of tax amount, during pendency of appeal before the first appellate authority. It appears that the first appellate authority granted stay to assessee only to the extent of 50%, which has been increased by the Tribunal to 80%.
(2.) Learned counsel for the revisionist submits that the assessee has already deposited about Rs. 2.5 crores as tax, for the 7 month period, and in respect of the balance amount also, it is willing to furnish security to the satisfaction of the authority concerned. Learned counsel further contends that there has been no physical verification of stocks, as was required, and the assessee is otherwise a registered dealer and there would be no difficulty in recovering the balance amount in case its claim does not succeed.
(3.) Learned Standing Counsel, on the other hand, supports the order of Tribunal and submits that there is no illegality in the order of Tribunal.;