M.s, Ultimate Builders, Bhopal V. The ACIT-2, Bhopal

SA 16/Ind/2019

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 0397 (ITAT-INDORE)
• Duration Of Justice: 1 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-03-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2014-2015
• Appeal Filed On: 18-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R P MOURYA
• Assessee Lawyers: S S DESHPANDE
• Keywords: Application of stay

Judgement Text

ULTIMATE BUILDERS SA NO. 16/IND/2019 1 THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE HON'BLE KUL BHARAT, JUDICIAL MEMBER AND HON'BLE MANISH BORAD, ACCOUNTANT MEMBER S.A. NO. 16/IND/2019 ARISING OUT OF ITA NO.134/IND/2019 ASSESSMENT YEAR 2014-15 M/S. ULTIMATE BUILDERS, :: APPLICANT E-2/22, ARERA COLONY, BHOPAL VS. ACIT-2, :: RESPONDENT BHOPAL. PAN: AACFU 8239 M APPLICANT BY : SHRI S.S. DESHPANDE , CA RESPONDENT BY : SHRI R.P. MOURYA, SR.DR DATE OF HEARING 0 8 .03 .201 9 DATE OF PRONOUNCEMENT : 0 8 .03 .201 9 O R D E R PER KUL BHARAT, J.M. THIS APPLICATION IS FILED BY THE ASSESSEE SEEKING STAY OF THE DEMAND OF RS. 77,56,560/- FOR THE ASSESSMENT YEAR 2 014-15 INCLUDING INTEREST. 2. LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ASS ESSEE HAS ALREADY PAID RS.15,00,000/- OUT OF TOTAL DEMAND. LD . COUNSEL FOR ULTIMATE BUILDERS SA NO. 16/IND/2019 2 THE ASSESSEE FURTHER STATED THAT THE DEPARTMENT IS PRESSING FOR THE DEMAND AND IS FORCING TO RECOVER THE SAME. THE ASS ESSEE APPREHENDS THAT A COHESIVE ACTION MAY BE TAKEN FOR THE RECOVERY OF DEMAND. THE ASSESSEE HAD FILED AN APPEAL BEFORE THE TRIBUNAL AGAINST THE ABOVE DEMAND AND IS CONFIDENT IN SUCCEE DING IN THE APPEAL WHICH IS PENDING BEFORE THE TRIBUNAL. THER EFORE, THE ASSESSEE HAS NOW SOUGHT STAY OF DEMAND TILL THE DIS POSAL OF APPEAL BY THE TRIBUNAL. 3. ON THE OTHER HAND, THE LD. DEPARTMENTAL REPRESENTAT IVE VEHEMENTLY OPPOSED THE REQUEST OF STAY AND FURTHER SUBMITTED THAT LOOKING TO THE HUGE DEMAND OUTSTANDING, REQUEST FOR DEPOSIT OF SMALL AMOUNT SHOULD NOT BE ACCEPTED AND SUBSTANTIAL AMOUNT IS REQUIRED TO BE DEPOSITED WITH. 4. WE HAVE CAREFULLY EXAMINED THE RECORDS AND FACTS RE ITERATED IN THE STAY APPLICATION AND ARE INCLINED TO STAY THE D EMAND FOR NINETY DAYS FROM THE RECEIPT OF THIS ORDER OR DISPOSAL OF THE APPEAL WHICHEVER EVENT OCCURS EARLIER SUBJECT TO DEPOSIT O F RS.8 LAKHS BEFORE 31.3.2019. ULTIMATE BUILDERS SA NO. 16/IND/2019 3 5. THE STAY GRANTED TO THE ASSESSEE WILL BE IN OPER ATION ONLY IF THE ASSESSEE FULFILLS THE ABOVE STATED CONDITIONS. THE RELEVANT APPEAL IS DIRECTED TO BE FIXED FOR HEARING ON 30.4.2019 AND A DJOURNMENT SHOULD NOT BE SOUGHT UNLESS FOR ANY UNAVOIDABLE CIR CUMSTANCES. 6. THE STAY APPLICATION IS DISPOSED OFF ACCORDINGLY SUBJECT TO CONDITIONS HEREINABOVE. ORDER WAS PRONOUNCED IN THE OPEN COURT ON 08.03.2 019. SD/- SD/- (MANISH BORAD) (KUL BHARAT) ACCOUNTANT MEMBER JUDICIAL MEMBER INDORE: 8 TH MARCH, 2019 /DEV COPY TO: ASSESSEE/AO/PR. CIT/ CIT (A)/ITAT (DR)/GUA RD FILE. BY ORDER ASSTT.REGISTRAR, I.T.A.T., INDORE