This extension of Stay Application has been filed against outstanding demand of Rs. 93 crores [Rs. 108 crores(-) Rs. 15 Crores] for Assessment Year 2011-12. During the course of hearing of the above stay petition assessee further deposited ₹ 5 crores towards the outstanding demand.

02. The applicant company is a Category-I Merchant Banker with the Securities and Exchange Board of India, engaged in the business of private equity syndication, securities brokerage and financial advisory services. For the relevant assessment year, the original
return of income was filed on 29.11.2011 declaring loss of Rs.37,97,50,658. Subsequently, the applicant filed revised return of income declaring a revised loss of Rs.37,46,20,330. Draft assessment order was passed under section 143(3) read with section 144C of the Income Tax Act, 1961 (‘the Act’) proposing to assess the income of the applicant at Rs.226,56,10,452 after proposing various additions and disallowances to the returned income. Against the draft assessment order, the applicant filed objections before the Dispute Resolution Panel (DRP) - II, New Delhi, seeking directions for deletion of various proposed additions/ disallowances. DRP, vide its order dated 30.12.2015 passed under section 144C(5) of the Act, confirmed most of the additions/disallowances proposed in the draft assessment order without judiciously considering and appreciating the legal and factual objections of the applicant to the proposed draft order. Pursuant to the aforesaid directions of the DRP, assessment was completed vide order dated 29.01.2016 passed under section .143(3) r.w.s 144C of the Act, assessing the total income of the assessee at Rs.207,95,55,288, after making several additions/ disallowances. As a result of the aforesaid order passed under section 143(3), of the Act, income tax demand of Rs.108 crores has been raised on the applicant, which comprises of the following:

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