NASA AGRO INDUSTRIES PRIVATE LIMITED,FAZILKA V. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-II, BATHINDA

SA 1/ASR/2026

AI Insights

The case involves M/s Nasa Agro Industries Pvt. Ltd., the appellant, seeking a stay on the recovery of an outstanding demand for the Assessment Year 2012-13, which was being pressed by the revenue. The disputed demand amounted to Rs. 69,77,477, of which the appellant had already paid Rs. 31,89,226, constituting 45.70% of the disputed amount. The respondent opposed the stay on grounds related to capital gains computations under section 50C, citing a decision from the Hon'ble High Court that was against the assessee. However, the tribunal did not delve into the merits of the case but granted the stay based on the substantial payment made by the appellant.

• Counselvise Citation: [2026] 140 COUNSELVISE.COM (IT) 833757 (ITAT-AMRITSAR)
• Duration Of Justice: 16 day(s)
• Appeal Type: Stay Application
• Pronouncement Date: 04-02-2026
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2012-2013
• Appeal Filed On: 19-01-2026
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: CHARAN DASS LD.
• Assessee Lawyers: Y.K.SUD LD
• Keywords: Sale consideration of property below Jantri Value; Capital Gains; Application of stay; FORM 26AS
• Section: 50C

Judgement Text

"1 IN THE INCOME TAX APPELLATE TRIBUNAL “DB” BENCH, AMRITSAR VIRTUAL HEARING BEFORE HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM AND SHRI UDAYAN DASGUPTA, JM Stay Application No.1/Asr/2026 (In ITA No.237/Asr/2023) (िनधाŊरण वषŊ / Assessment Year: 2012-13) M/s Nasa Agro Industries Pvt. Ltd. Village Painchaw Fazilka (Punjab) – 152 123 बनाम/ Vs. DCIT Circle -II Bhatinda (Punjab) - 151001 ̾थायीलेखासं./जीआइआरसं./PAN/GIR No.AAACN-7050-J (अपीलाथŎ/Appellant) : (ŮȑथŎ / Respondent) अपीलाथŎकीओरसे/ Appellant by : Shri Y.K.Sud (CA) – Ld. AR ŮȑथŎकीओरसे/Respondent by : Shri Charan Dass (Addl. CIT) – Ld. Sr. DR सुनवाईकीतारीख/Date of Hearing : 04-02-2026 घोषणाकीतारीख /Date of Pronouncement : 04-02-2026 आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. By way of this stay Application for Assessment Years (AY) 2012- 13, the assessee seeks stay of recovery of outstanding demand being pressed by the revenue. 2. Drawing our attention to the merits of the case, Ld. AR stated that the assessee has already deposited more than 45% of disputed demand as follows: - Printed from counselvise.com 2 No. Particulars Amount (Rs.) 1. Disputed Demand Rs.69,77,477/- 2. Amount Paid on 10-01-2019 Rs.14,00,000/- 3. Amount Paid on 15-01-2026 (CIN 26011500039286PUNB) Rs.17,89,226/- 4. Balance Demand Rs.37,88,251/- 5. % of Disputed demand paid 45.70% The copy of Form 26AS and latest payment challans has been placed on record in support of above computation. The Ld. Sr. DR filed written submissions and opposed stay of demand on the ground that the issue of capital gains computations u/s 50C as agitated in the appeal stood covered against the assessee by the decision of Hon’ble High Court. 3. Without going into the merits of the case, we find that the assessee has already satisfied more than 45% of the disputed demand and has made a prima-facie case for stay and therefore, we accept the prayer of Ld. AR. Accordingly, the remaining outstanding demand is stayed for a period of 180 days or till the disposal of the quantum appeal, whichever is earlier. The quantum appeal shall come up for hearing on 16-02-2026 as per schedule. The parties shall make endeavor for early disposal of the appeal without seeking unnecessary adjournments. Printed from counselvise.com 3 4. The stay application stand allowed. Order pronounced on 04th February, 2026. -Sd- -Sd- (UDAYAN DAS GUPTA) (MANOJ KUMAR AGGARWAL) JUDICIAL MEMBER ACCOUNTANT MEMBER Dated: 04-02-2026 आदेश की Ůितिलिप अŤेिषत /Copy of the Order forwarded to : 1. अपीलाथŎ/Appellant 2. ŮȑथŎ/Respondent 3. आयकरआयुƅ/CIT 4. िवभागीयŮितिनिध/DR 5. गाडŊफाईल/GF ASSISTANT REGISTRAR ITAT AMRITSAR Printed from counselvise.com "