DILIP SHAH, V. ACIT CEN CIR 11,

MA 204/MUM/2012

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 8788 (ITAT-MUMBAI)
• Duration Of Justice: 2 month(s) 17 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 15-06-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Assessment Year: misc
• Appeal Filed On: 28-03-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Application of stay

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL I BENCH: MUMBAI BEFORE SHRI D. MANMOHAN, VICE PRESIDENT AND SHRI P.M. JAGTAP, ACCOUNTANT MEMBER SA NOS.199 TO 208/MUM/2012 - ARISING OUT OF ITA NOS.3274 TO 3276, 3283, 3278 TO 3279, 3277, 3280 TO 3282/M/2012 FOR A.Y. 2007-08 M/S. IGHCC LOAN TRUST LIMITED, M/S. IGHCC LOAN TRUST LIMITED 2, M/S. IGHCC LOAN TRUST LIMITED 3, THE IL&FS FIANC CENTRE, PLOT NO.C-22, G BLOCK, 5TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI -400 051 PAN: AAATI 5039 H M/S. IRE LOAN TRUST LIMITED, 5TH FLOOR, G BLOCK, C/O. IL&FS TRUST CO. LTD., BANDRA KURLA COMPLEX, BANDRA (E) MUMBAI -400 051 PAN: AAATI 5498 L M/S. KGE LOAN TRUST LIMITED, THE IL&FS FINANCE CENTRE, PLOT NO.C-22, G BLOCK, 5TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI -400 051 PAN: AABTK 1391 D M/S. KJS LOAN TRUST, 5TH FLOOR, G BLOCK, C/O. IL&FS TRUST CO. LTD., BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI -400 051 PAN :BAABTK 1729 R M/S. IPGE LOAN TRUST, 5TH FLOOR, G BLOCK, C/O. IL&FS TRUST CO. LTD., BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI -400 051 PAN: AAATI 5595 A M/S. LONG BOARD RECEIVABLE TRUST 2006 SERIES III, M/S. LONG BOARD RECEIVABLE TRUST 2006 SERIES IV, M/S. LONG BOARD RECEIVABLE TRUST 2007 SERIES, THE IL&FS FINANCE CENTRE, PLOT NO.C-22, G-BLOCK, 5TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (E), SAS199 TO 208 /MUM/2012 M/S. IGHCC LOAN TRUST LIMITED & OTHERS 2 MUMBAI -400 051 ....... APPLICANT PAN: AAATL 5420 F PAN: AAATL 5556 A PAN: AAATL 5666 R VS COMMISSIONER OF INCOME TAX-19, MUMBAI ..... RESPONDENT APPLICANT BY: SHRI S.E. DASTUR SHRI MADHEV AGARWAL SHRI RONAK DOSHI RESPONDENT BY: SHRI PARTHASARATHI NAIK DATE OF HEARING: 15.06.2012 DATE OF PRONOUNCEMENT: 15.06.2012 O R D E R PER P.M. JAGTAP, AM: BY THESE STAY APPLICATIONS, ALL THE ASSESSEES ARE S EEKING STAY OF ASSESSMENT PROCEEDINGS BEING TAKEN UP IN PURSUANCE OF ORDERS PASSED BY LD. CIT U/S.263. 2. WE HAVE HEARD THE ARGUMENTS OF BOTH THE SIDES AN D ALSO PERUSED THE RELEVANT MATERIAL ON RECORD. IT IS OBS ERVED THAT THE ORDERS PASSED BY THE LD. CIT U/S.263 HAVE BEEN CHALLENGED BY THE ASSESSEES BY WAY OF APPEALS FILED BEFORE THE TRIBUNAL. AS TH E SAID APPEALS PENDING BEFORE THE TRIBUNAL ARE PRIORITY APPEALS, W E DIRECT THE REGISTRY TO POST THE SAME FOR HEARING OUT OF TURN ON 04.08.2 012, THE DATE AGREED BY THE LEARNED REPRESENTATIVE OF BOTH THE SI DES. 3. AS REGARDS THE STAY OF ASSESSMENT PROCEEDINGS, T HE LD. D.R. HAS SUBMITTED THAT ANY SUCH STAY WOULD FURTHER CURTAIL THE LIMITED TIME AVAILABLE TO THE A.O. TO PASS THE ORDERS U/S.143(3) READ WITH SEC.263. HOWEVER, KEEPING IN VIEW THAT THE CORRESPONDING APP EALS ARE ALREADY POSTED FOR HEARING ON 08.08.2012, WE ARE OF THE VIE W THAT AD-INTERIM STAY OF ASSESSMENT PROCEEDINGS AS SOUGHT BY THE ASS ESSEES CAN BE SAS199 TO 208 /MUM/2012 M/S. IGHCC LOAN TRUST LIMITED & OTHERS 3 GRANTED TO AVOID MULTIPLICATION OF PROCEEDINGS AND FURTHER LITIGATION. ACCORDINGLY, WE GRANT AD-INTERIM STAY OF ASSESSMENT PROCEEDINGS IN THESE CASES UPTO 08.08.2012 AND ALLOW THESE STAY AP PLICATIONS. BOTH THE SIDES ARE DIRECTED TO EXTEND ALL POSSIBLE CO-OP ERATION AND ASSISTANCE FOR DISPOSAL OF THE APPEALS OF THE ASSES SEE FIXED ON 08.08.2012. IF FOR ANY REASON, THERE IS ANY DELAY IN DISPOSAL OF THE SAID APPEALS AND ASSESSEES WANT ANY FURTHER EXTENSI ON OF STAY OF ASSESSMENT PROCEEDINGS, THEY MAY FILE FRESH APPLICA TIONS WHICH SHALL BE CONSIDERED ON MERITS. 4. IN THE RESULT, STAY APPLICATION OF ASSESSEES ARE ALLOWED AS INDICATED ABOVE. . ORDER PRONOUNCED IN THE OPEN COURT ON 15TH JUNE, 20 12. SD/- ( D. MANMOHAN ) VICE PRESIDENT SD/- ( P.M. JAGTAP ) ACCOUNTANT MEMBER MUMBAI, DATE: 15TH JUNE, 2012 COPY TO:- 1) THE APPELLANT. 2) THE RESPONDENT. 3) THE CIT (A)19/ CONCERNED _____, MUMBAI. 4) THE ADDL. CIT-RANGE 19(3)CONCERNED____, MUM BAI. 5) THE D.R. I BENCH, MUMBAI. BY ORDER / / TRUE COPY / / ASSTT. REGISTRAR I.T.A.T., MUMBAI *CHAVAN