ORDER
1. We have heard Shri Rakesh Ranjan Agrawal, learned Counsel for the petitioner and Shri R.K. Upadhyaya, learned standing counselappearing for the respondents and have perused the writ petition, its Annexure as also the impugned order dated 6-12-2005 passed by the Commissioner (Appeals)-I, Agra, respondent No. 2 by which the Commissioner (Appeals) has directed the petitioner to deposit Rs. 5,00,000 within seven days and f urther deposit the balance amount in ten equal fortnightly instalments while deciding the stay application filed by the petitioner.
2. It may be mentioned here that an assessment for the block period has been made under Section 158BC of the Income Tax Act, in which the total income has been assessed at Rs. 1,02,96,970 and a sum of Rs. 66,13,897 has been assessed as income-tax. The petitioner had preferred an appeal before the Commissioner (Appeals), Agra and also filed an application for grant of interim relief. The Commissioner while deciding the application has taken note of the f act that the petitioner has a sum of Rs. 5,26,107.88 as cash in hand on 31-3-2005 and a sum of Rs. 19,07,947.81 in the bank on the same date. It is not clear from the record as to whether the petitioner had f iled any document showing the position of cash in hand and bank balance on the date when the Commissioner (Appeals) had heard the Stay Application filed by the petitioner. As the position of cash in hand and bank balance was not before the Commissioner (Appeals), he was justified in taking the figures, which was available before him, ie., 31-3-2005. The court is of the considered opinion that as on that day the petitioner's cash in hand and balance was only to the tune of Rs. 24,34,055.69, the order directing the deposit of Rs. 5,00,000 within a fortnight and the balance amount in ten equal installments fortnightly is little harsh.
3. The interest of justice would be best served, if the petitioner is directed to deposit a sum of Rs. 15,00,000 within ten days from today and furnish security f or the balance amount to the satisfaction of the Assessing Officer within the same period. The Assessing Authority shall not insist upon furnishing of security in the form of cash or bank guarantee. If the petitioner complies with the aforesaid direction, the recovery of the balance amount of tax pursuant to the assessment order dated 31-12-2004 shall remain stayed and shall abide by orders, which may be passed by the Commissioner of Income-tax on the Appeal filed by the petitioner.
4. The writ petition is disposed of.