Shaishav Ashok Kumar Shah, Surat V. Income Tax Officer, Ward -1(3)(5), Surat

SA 16/SRT/2019

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 8891 (ITAT-SURAT)
• Duration Of Justice: 3 month(s) 12 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 01-07-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2013-2014
• Appeal Filed On: 20-03-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: ANIL K SHAH
• Keywords: Unexplained cash credit; Application of stay
• Section: 68

Judgement Text

PAGE 1 OF 2 , , IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH, SURAT BEFORE SHRI RAM LAL NEGI, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUNTANT MEMBER STAY PETITION NO.16/SRT/2019/ ARISING OUT OF I.T.A. NO.359/SRT/2017:ASSESSMENT YEAR: 2013-14 SHRI SHAISHAV ASHOKKUMAR SHAH, 101-B, VIDYAPATI BUILDING, NARAYANDAN ROAD OPP. SONA UDYOG ANDHERI(EAST) MUMBAI PAN: APXPS 3489K VS. INCOME TAX OFFICER, WARD- 1(3)(5) SURAT APPELLANT RESPONDENT ASSESSEE BY SHRI ANIL K SHAH, ADVOCATE REVENUE BY SHRI DILIP KUMAR, SR. D.R. DATE OF HEARING 26.03.2019 DATE OF PRONOUNCEMENT 26.03.2019 ORDER PER O. P. MEENA, AM 1. BY WAY OF THIS APPLICATION, THE ASSESSEE APPLICANTS SEEKS A STAY ON COLLECTION/RECOVERY OF DISPUTED OUTSTANDING TAX OF RS.12,19, 938/- [INCLUDING INTEREST] IN THE MATTER OF ASSESSMENT UNDER SECTION 143 (3) OF THE INCOME TAX ACT, 1961( IN SHORT THE ACT) FOR THE ASSESSMENT YEAR 2013-14, WHICH IS IMPUGNED IN APPEAL BEFORE THIS TRIBUNAL IN I.T.A. NO. 359/SRT/2017. 2. BRIEFLY STATED, THE RELEVANT MATERIAL FACTS, AS REQUIRED TO BE CONSIDERED AT THIS STAGE OF HEARING STAY OF PETITION ARE THAT THE ASSESSEE HAS FILED RETURN OF INCOME ON 07.01.2015 DECLARING TOTAL INCOME AT RS.6,26,810, WHICH HAS BEEN ASSESSED AT RS.81,10,050 BY MAKING ADDITION ON ACCOUNT OF UNEXPLAINED CASH CREDIT OF RS. 73,24,415 UNDER SECTION 68 OF THE ACT AND INTEREST OF RS. 1,58,826 THEREON . A DEMAND OF RS.34,21,850 INCLUDING INTEREST THEREON HAS BEEN RAISED IN THE ASSESSMENT. THE ASSESSEE HAD PAID DEMAND OF RS.22,02,452 AND REQUESTED FOR STAY FOR THE BALANCE DEMAND OF RS.12,19,938. 3. THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THE ASSESSED INCOME IS SUBSTANTIALLY HIGHER THAN THE RETURNED INCOME. HENCE, OUTSTANDING DEMAND DESERVED TO BE STAYED. IT WAS ALSO SUBMITTED THAT CIT (A) HAS DECIDED THE APPEAL EX-PARTE. PAGE 2 OF 2 4. PER CONTRA, THE LD. SR. D.R. HAS OPPOSED THE STAY OF DEMAND. 5. WE HAVE HEARD THE RIVAL SUBMISSIONS OF BOTH THE PARTIES. WE FIND THAT THE ASSESSEE HAS NOT MADE OUT A CASE FOR STAY ON THE GROUND THAT LIQUIDITY CRUNCH. THEREFORE, WE HEREBY REJECT THE STAY OF DEMAND SOUGHT BY THE ASSESSEE. HOWEVER, WE FIND THAT THE APPEAL OF THE ASSESSEE HAS BEEN DECIDED EX-PARTE BY THE LD. CIT (A) FOR NON-ATTENDANCE, HENCE, WE DEEM IT FIT TO GRANT OUT OF TURN HEARING OF THIS APPEAL. THE PARTIES WAIVE NOTICE OF HEARING, AND THE DATE OF HEARING OF APPEAL IS PRONOUNCED AT THE TIME OF HEARING OF THIS STAY PETITION ITSELF, IN THE OPEN COURT FOR 27.03.2019. 6. IN THE RESULT, THE STAY PETITION IS REJECTED. 7. THE ORDER PRONOUNCED IN THE OPEN COURT ON 26.03.2019. SD/- SD/- (RAM LAL NEGI) (O.P.MEENA) JUDICIAL MEMBER ACCOUNTANT MEMBER SURAT: DATED: 26 MARCH, 2019/OPM COPY OF ORDER SENT TO- ASSESSEE/AO/PR. CIT/ CIT (A)/ ITAT (DR)/GUARD FILE OF ITAT. BY ORDER / / TRUE COPY / / ASSISTANT REGISTRAR, SURAT