(Per : HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA) After hearing the learned counsel for the parties and after taking into consideration the fact that out of the total demand of Rs.8,23,00,000=00, a sum of Rs.4.5 crore has already been paid, we dispose of this application by directing the Revenue not to take further steps for realization for a period of fortnight from today. If, within the aforesaid period the appellant gives bank guarantee in respect of the balance amount, the interim order will continue till the disposal of the Appeal. Let the hearing of the Appeal be expedited.
TAXAP/15/2009 2/2 ORDER Since Mr.Ravani has already entered appearance on behalf of the Revenue, Appeal be treated as ready as regards the service.
Although Mr.Ravani, the learned advocate appearing on behalf of the Revenue strenuously contended before us that instead of giving bank guarantee we should ask the appellant to pay the entire amount, we are not impressed by such submission in view of the prima facie case of the appellant in this matter. Over and above, we are quite alive to the position of law that if the appellant loses in the long run, he will pay the balance amount with interest fixed by law; on the other hand, if the Revenue loses in the end, after utilizing the entire amount paid by the assessee, it will pay back lesser amount of interest than the one it realizes from the assessee fixed by law which is much less than the amount one reasonably earns by investing the same in course of business. On taking into consideration such matter, we have decided to pass the order of furnishing bank guarantee in the facts of the present case in respect of the balance amount.
(Bhaskar Bhattacharya, Acting C.J.) (J.B.Pardiwala, J.) /moin