Assessee, a non-resident having no assets in India. Tribunal held that to secure interest of revenue the assessee is directed to furnish a bank guarantee covering 20 Per Cent. of outstanding demand.Bank guarantee shall be furnished before Assessing Officer on or before 31-10-2023.Recovery of outstanding demand shall remain stayed for a period of 180 days from date the order or till disposal of appeal, whichever is earlier. (AY.2017-18)
AEP Investments (Mauritius) Ltd. v. Asst. CIT (IT) (2023)108 ITR 37 (Delhi)(Trib)
S. 254(2A): Appellate Tribunal-Stay-Non-Resident having no assets in India-Directed to furnish a bank guarantee covering 20 Per Cent-Recovery of outstanding demand shall remain stayed for a period of 180 days from date of this order or till disposal of appeal, whichever ever is earlier. [S. 226]