M/S ANJANI ASSOCIATES, BILASPUR V. INCOME TAX OFFICER, WARD 1(2), BILASPUR

SA 06/RPR/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6513 (ITAT-RAIPUR)
• Duration Of Justice: 1 year(s) 2 month(s) 3 day(s)
• Appeal Type: TDS Appeal
• Pronouncement Date: 08-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2014-2015
• Appeal Filed On: 05-03-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: R B DOSHI
• Keywords: Application of stay

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH , RAIPUR BEFORE S HRI N.K. BILLAIYA (AM) AND SHRI RAM LAL NEGI (JM) SA NO. 06 /RPR /20 1 8 ARISING OUT OF ITA NO. 27 /RPR / 2018 ASSESSMENT YEAR - 2014 - 15 M/S ANJANI ASSOCIATES, OPP. JAIN PLAZA, LINK ROAD, BILASPU R (C.G.) PAN: AATFA1835E VS. THE INCOME TAX OFFICER - 1(2), BILASPUR (C.G.). (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI R.B. DOSHI (CA ) REVENUE BY : SHRI SANJAY KUMAR (DR) DATE OF HEARING: 08 /03 /201 8 DATE OF PRONOUNCEMENT: 08 / 0 3 /201 8 O R D E R PER RAM LAL NEGI, JM BY WAY OF T HIS APPLICATION THE ASSESSEE HAS SOUGHT STAY OF RECOVERY OF DEMAND AMOUNTING TO RS. 1,56,51,057 / - RAISED BY THE REVENUE ON THE BASIS OF THE APPELLATE ORDER PASSED B Y THE LD. CIT(A) VIDE WHICH THE LD. CIT (A) DISMISSED THE APPEAL FILED BY THE ASSESSEE AGAINST ASSESSMENT ORDER PERTAI NING TO THE ASSESSMENT YEAR 2014 - 15 . 2 BEFORE US, THE LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE AO HAS MADE ADDITION OF RS. 3 ,86,44,738/ - U/S 68 OF THE INCOME TAX ACT (FOR SHORT THE ACT) ON ACCOUNT OF UNSECURED LOAN RECEIVED BY THE ASSESSEE . OUT OF THE SAID THE LD. CIT(A) CONFIRMED THE ADDITION TO THE EXTENT OF RS. 3,85,73,402/ - . T HE ASSESSEE HAS FILED SECOND APPEAL BEFORE THE ITAT, AGAINST THE FINDINGS OF 2 SA NO. 06 /RPR /2018 ASSESSMENT YEAR: 2014 - 15 THE LD. CIT(A), WHICH IS PENDING ADJUDICATION. O UT OF THE TOTAL AMOUNT OF TAX COMPUTED BY THE AO, THE ASSESSEE HAS ALREADY PAID RS. 28,00,000/ - AND THE TOTAL OUTSTANDING BALANCE IS RS. 1,56,51,057/ - . THE LD. COUNSEL FURTHER S UBMITTED THAT THE ASSESSEE IS NOT IN A POSITION PAY THE OUTSTANDING DEMAND AND THE DEPARTMENT IS PRESSED HARD FOR PAYMENT. SINCE, T HE ASSESSEE HAS PRIMA FACIE CASE IN ITS FAVOUR , BALANCE OF CONVENIENCE IS ALSO IN FA VOUR OF THE ASSESSEE. THE LD. C OUNSEL FUR THER SUBMITTED THAT THE RECOVERY OF OUTSTANDING DEMAND MAY BE STAYED TILL DISPOSAL OF THE CASE. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE DOCUMENTS . AS STATED BY THE LD. COUNSEL, THE ASSESSEE HAS SUBMITTED CONFIRMATION S, INCOME TAX RETURN AC KNOWLEDGEMENT S, AUDITED BALANCE SHEET S , BANK STATEMENTS OF THE CREDITORS ETC. BEFORE THE AUTHORITIES BELOW TO ESTABLISH THE GENUINENESS OF THE TRANSACTION. THE DIRECTORS OF THE CREDITOR COMPANIES HAVE ALSO FILED SUPPORTING DOCUMENTS TO ESTABLISH THE CREDIT WORTHINESS OF THE COMPANIES AND GENUINENESS OF THE TRANSACTION . HENCE, IN OUR OPINION THE ASSESSEE HAS A GOOD PRIMA FACIE CASE IN ITS FAVOUR . SINCE, THE APPEAL OF THE ASSESSEE IS NOT LIKELY TO BE DISPOSED OF WITHIN A SHORT PERIOD, WE ARE OF THE CONSIDERED VIEW THAT THIS IS A FIT CASE IN WHICH STAY CAN BE GRANTED. 4. WE ACCORDINGLY ALLOW THE APPLICATION OF THE ASSESSEE AND STAY THE RECOVERY OF OUTSTANDING DEMAND FOR A PERIOD OF 180 DAYS FROM THE DATE OF THIS ORDER OR TILL DISPOSAL OF THE CASE WHICHEVER IS EARLIER . IN THE RESULT, STAY APPLICATION IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 8 TH MARCH, 2018 . SD/ - SD/ - ( N.K. BILLAIYA ) ( RAM LAL NEGI ) ACCOUNTANT MEMBER JUDICIAL MEMBER RAIPUR ; DATED: 08 / 0 3 / 201 8 ALINDRA PS 3 SA NO. 06 /RPR /2018 ASSESSMENT YEAR: 2014 - 15 / COPY OF THE ORDER FORWARDED T O : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , RAIPUR / DR, ITAT, RAIPUR 6. / GUARD FILE . / BY ORDER, //TRUE COPY// PRIVATE SECRETARY ITAT , RAIPUR