Dilip S. Dahanukar v. Income-Tax Officer, Mumbai

IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION . NOTICE OF MOTION No. 3783 OF 2008 IN INCOME TAX APPEAL No.1235 OF 2008. ORDINARY ORIGINAL CIVIL JURISDICTION . NOTICE OF MOTION No. 3783 OF 2008 IN INCOME TAX APPEAL No.1235 OF 2008. ..Appellant. Dilip S. Dahanukar ..Appellant. Vs. ..Respondent. Income-tax Officer, Mumbai. ..Respondent. Mr S.J. Mehta, Advocate for the Appellant. Mr R. A. Vaishampayan, Advocate for the Respondent. CORAM: Dr.S. RADHAKRISHNAN CORAM: Dr.S. RADHAKRISHNANAND V.C.DAGA, JJ. AND V.C.DAGA, JJ. DATED: 11TH NOVEMBER, 2008. DATED: 11TH NOVEMBER, 2008. P.C.: P.C.:---- ---- 1. Heard the learned counsel for the Appellant and the learned counsel for the Respondent. 2. In the above matter, the appeal has been admitted. 3. The learned counsel for the appellant prayed for grant of stay of recovery in view of the admission of appeal. The learned counsel for the Revenue strongly opposed the prayer for interim stay of recovery relying upon the judgment of the Apex Court Assistant Collector of Central Excise, in the case of Assistant Collector of Central Excise, Chandan Nagar, West Bengal v. Dunlop India Ltd andothers A.I.R. 1985 S C 330. He contends that in the Chandan Nagar, West Bengal v. Dunlop India Ltd and others A.I.R. 1985 S C 330 event of success of the appellant can always be compensated in terms of money. 4. In reply, the learned counsel for the Appellant tried to impress upon us various aspects to demonstrate prima facie case and balance of convenience in favour of the appellant. 5. Having heard and having regard to the facts and circumstances of the case, the notice of motion is made absolute in terms of prayer clause (a) subject to the condition that the appellant shall deposit 50% of the amount of Rs.95,54,740/- in cash with the Revenue and furnish bank guarantee of any nationalized bank for the balance amount with automatic renewal clause during pendency of the appeal, within a period of eight weeks from today. 6. We make it clear, in the event the appellant fails to deposit amount and/or furnishing bank guarantee the stay granted herein against the recovery shall stand vacated forthwith and above motion shall be deemed to have been dismissed. 7. It is also made clear that this interim order is subject to the final result in the above appeal. 8. The Motion disposed of in terms of this order. (DR S. RADHAKRISHNAN,J) (V.C. DAGA,J)(DR S. RADHAKRISHNAN,J) (V.C. DAGA,J) (DR S. RADHAKRISHNAN,J) (V.C. DAGA,J)