Herald Publications Pvt. Ltd v. Commissioner Of Income Tax And Anr

IN THE HIGH COURT OF BOMBAY AT GOA MISC.CIVIL APPLICATION NO. 788 OF 2007INTAX APPEAL NO. 52 OF 2007 HERALD PUBLICATIONS PVT. LTD., VersusCOMMISSIONER OF INCOME TAX AND ANR., ... Applicant ... Respondents Mr. D. E. Robinson, Advocate for the applicants. Mr. S. R. Rivonkar, Advocate for the respondents. P.C. -Coram:D. B. BHOSALE &N. A. BRITTO, JJ.-Date:15th January, 2008 Heard Mr. Robinson, learned Counsel for the applicants and Mr. Rivonkar, learned Counsel for the respondents. By this civil application,the applicants/appellants have prayed for stay of the operation of theimpugned Order dated 22.2.2007 of the Income Tax Appellate Tribunal,Panaji and the consequential demand notice issued by respondent No.2 tillthe appeal is finally heard and disposed of. 2. After having heard the learned Counsel for the applicant and thelearned Counsel for the respondent and taking into consideration overallfacts and circumstances of the case, we are satisfied that the followingorder shall meet the ends of justice : The applicant shall deposit 50 % of the total demand of Rs.48,66,003/- with the Assessing Officer, within a period of 8 weeksfrom today. It is open for the applicants to withdraw the amount ofRs.8,00,000/- lying in the Bank accounts which have been attached by theAssessing Officer in the present case, by Demand Draft in favour of the Assessing Officer for making payment of the 50 % amount as aforestated. In so far as remaining 50 % of the amount is concerned, theapplicant shall furnish security to the satisfaction of the Assessing Officer,within a period of 8 weeks from today. If the applicant does not complywith this order, it would be open for the Assessing Officer to execute theDemand Notice, in accordance with law. With these directions, the civilapplication is disposed of. D. B. BHOSALE, J. ssm. N. A. BRITTO, J.