HC upholds rejection of application seeking absolute stay of demand; deposit of 40% of demand justified

INCOME TAX : Where Assessing Officer rejected application seeking absolute stay observing that assessee could not prove identity, creditworthiness of companies, who contributed to share capital as well as genuineness of transaction and thereafter Single Judge of High Court passed order directing assessee to deposit 40 per cent of enforceable demand and to furnish security for 35 per cent of enforceable demand, order passed by Single Judge was an equitable order and did not require interference

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