MMRF Reality and Infrastructure Pvt.Ltd. , Chennai V. DCIT, Corporate Circle -4(1), Chennai

CO 166/CHNY/2017

• Counselvise Citation: [2019] 115 COUNSELVISE.COM (IT) 4700 (ITAT-CHENNAI)
• Duration Of Justice: 1 year(s) 3 month(s) 17 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 21-03-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2013-2014
• Appeal Filed On: 04-12-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: N VIJAY KUMAR
• Keywords: Application of stay
• Section: 2

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH: CHENNAI . . . , ! ' , # '$ BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER STAY PETITION NO. 39 /CHNY/201 9 (IN ITA NO.354/CHNY/2019) % &% /ASSESSMENT YEAR: 2012-13 SHRI M. KIRAN KUMAR, NO.123, USMAN ROAD, T. NAGAR, CHENNAI 600 017. VS. ASST. COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE-1(4), CHENNAI. [PAN: ACHPM 2247E] ( '( /APPELLANT) ( )*'( /RESPONDENT) '( + , / APPELLANT BY : SHRI N. VIJAYKUMAR, CA )*'( + , /RESPONDENT BY : SHRI ARV SREENIVASAN, JCIT - + .# /DATE OF HEARING : 01.03.2019 /0 & + .# /DATE OF PRONOUNCEMENT : 01.03.2019 / O R D E R PER INTURI RAMA RAO, ACCOUNTANT MEMBER : THE PRESENT STAY PETITION IS FILED BY THE ASSESSEE SEEKING STAY OF DEMAND OF RS. 2,64,29,570/- FOR THE ASSESSMENT YEAR 2012-13. 2. IT IS SUBMITTED THAT THE DEMAND IN QUESTION HAD ARISEN ON ACCOUNT DENIAL OF BENEFIT U/S. 10(38) OF THE INCOME TAX ACT , 1961 (HEREINAFTER THE ACT) HOLDING TO BE A COLORFUL TRANSACTION IN RESPECT OF PENNY STOCK COMPANIES. THE OUTSTANDING DEMANDS REPRESENTS ONLY THE INTEREST SP NO.39/CHNY/2019 (IN ITA NO.354CHNY/2019) :- 2 -: LEVIED U/S. 234-B & 234-C OF THE ACT. THEREFORE, I T IS PRAYED THE OUTSTANDING DEMAND MAY BE STAYED. 2. ON THE OTHER HAND, THE LD. SR. DR VEHEMENTLY OPP OSED THE STAY PETITION. 3. WE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE M ATERIAL ON RECORD. WE ARE OF THE CONSIDERED OPINION THAT THE ASSESSEE HAD FAILED TO MAKE OUT A PRIMA FACIE CASE AS THE INTEREST ALSO FORM PART OF THE TAX AND THE TRIBUNAL IS NOT VESTED WITH THE POWER OF WA IVER OF INTEREST LEVIED U/S. 234-B & 234-C OF THE ACT AND IN THE CIRCUMSTAN CES, WE ARE OF THE CONSIDERED THAT IT IS NOT A FIT CASE TO STAY THE OU TSTANDING DEMAND. IN THE CIRCUMSTANCES, THE STAY PETITION FILED BY THE A SSESSEE IS DISMISSED. 4. IN THE RESULT, THE STAY PETITION IS DISMISSED ON THE ABOVE LINES. ORDER PRONOUNCED ON THE 01 ST MARCH, 2019 IN CHENNAI. SD/- SD/- ( . . . ) (N.R.S. GANESAN) /JUDICIAL MEMBER ( ! ' ) (INTURI RAMA RAO) # /ACCOUNTANT MEMBER /CHENNAI, 1 /DATED: 01 ST MARCH, 2019. EDN, SR. P.S + ).23 43&. /COPY TO: 1. '( /APPELLANT 4. - 5. /CIT 2. )*'( /RESPONDENT 5. 36 ). /DR 3. - 5. ( )/CIT(A) 6. 7% 8 /GF