SHRI KRISHNA CHOUDHARY, Nagpur V. ACIT, CENTRAL, CIRCLE-1(3), Nagpur

SA 17/NAG/2013

• Counselvise Citation: [2014] 117 COUNSELVISE.COM (IT) 8853 (ITAT-NAGPUR)
• Duration Of Justice: 1 year(s) 2 month(s) 21 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 23-10-2014
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Assessment Year: 2007-2008
• Appeal Filed On: 02-08-2013
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: NARENDRA KANEDR
• Assessee Lawyers: M MANI
• Keywords: Capital asset; Application of stay

Judgement Text

, ( (( ( - -- - ) )) ) IN THE INCOME TAX APPELLATE TRIBUNAL,BENCH NAGPUR.( E-COURT) . , '#$ %& %& %& %& '()* , (+ ,- BEFORE SHRI D.MANMOHAN, VICE-PRESIDENT /AND SHRI RAJENDRA, ACCOUNTANT MEMBER S.A. NO. 17/NAG/2013(ARISING OUT OF ITA NO. 156/NAG /2013) ASSESSMENT YEAR 2007-08 KRISHNA CHOUDHARY, CHOUDHARY BHAVAN, SAKKARDHARA, NAGPUR-440009 PAN: AGWPC4574F VS. ASST. COMMISSIONER OF INCOME TAX, CIRCLE 1(3) NAGPUR. ( ./ / APPELLANT) ( 01./ /RESPONDENT) ./ 2 ( / APPELLANT BY : SHRI M.MANI 01./ 3 2 ( /RESPONDENT BY : SHRI NARENDRA KANE(DR) 3 4+ / DATE OF HEARING : 20-12-2013 56 3 4+ / DATE OF PRONOUNCEMENT : 20-12-2013 ,(7 / O R D E R PER RAJENDRA, A.M. ASSESSEE,AN INDIVIDUAL HAS FILED AN APPLICATION,ALO NG WITH AN AFFIDAVIT DATED 29 TH JULY,2013 FOR STAY OF DEMAND AMOUNTING TO RS. 92,20,490/-,RAISED BY THE ASSESSING OFFICER (AO) FOR THE AY 2007-08. 2. BEFORE US,AUTHORISED REPRESENTATIVE (AR) SUBMITTED THAT ASSESSEE ALONG WITH 17 CO-OWNERS HAD ENTERED IN TO AN AGREEMENT TO SELL THEIR LAND T O A DEVELOPER FOR A CONSIDERATION OF RS. 8.93 CRORES,THAT THE CO-OWNERS HAD RECEIVED RS.1.11 CORE S FROM THE DEVELOPER.,THAT THE AO HELD THAT ASSESSEE WAS LIABLE TO PAY TAX UNDER THE HEAD CAPITAL GAINS FOR THE SHARE RECEIVED BY HER FROM THE DEVELOPER,THAT AO HAD HELD THAT THERE WAS TRANSFER OF PROPERTY AS ENVISAGED BY SECTION 2(47) OF THE ACT,THAT FIRST APPELLATE AUTHORITY(FAA ) HAD DISMISSED THE APPEAL FILED BY THE ASSESSEE,THAT DEMAND MADE BY THE AO SHOULD BE GRANT ED OR THE MATTER MIGHT BE HEARD ON AN EARLY DATE ON PRIORITY BASIS.DEPARTMENTAL REPRESEN TATIVE SUBMITTED THAT DEMAND SHOULD NOT BE STAYED. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS.WE FIND THAT TH E ASSESSEE HAS NOT FURNISHED HER FINANCIAL POSITION ON THE DATE OF SUBMITTING THE STAY APPLICA TION.BESIDES,SHE HAS ALSO NOT PROVED AS TO HOW THE BALANCE OF CONVINCE WAS IN HER FAVOUR.FROM THE RECORDS IT IS FOUND THAT AN ACTION U/S.132(1) OF THE ACT,WAS TAKEN IN THE CASE OF THE ASSESSEE AND SHE HAD MADE AN ADMISSION OF CONCEALED INCOME. 4. CONSIDERING THE FACTS AND CIRCUMSTANCES OF THE CASE ,WE ARE OF THE OPINION THAT IT IS NOT A FIT CASE FOR GRANTING STAY.ACCORDINGLY, REQUEST MADE BY THE ASSESSEE FOR STAYING THE DEMAND IS S.A. NO. 17/NAG/2013 ( ARISING OUT OF ITA NO.156/NAG/2013) KRISHNA CHOUDHARY 2 REJECTED.HOWEVER,HER REQUEST FOR EARLY HEARING IS B EING ACCEPTED.THE CASE IS FIXED FOR EARLY HEARING ON 20-01-2014. AS BOTH THE PARTIES ARE INFO RMED,NO SEPARATE NOTICE OF HEARING WILL BE ISSUED. WITH THE ABOVE OBSERVATIONS,S.A. FILED BY THE ASSESSEE,STANDS PARTLY ALLOWED. 84 9 & ( -. ( % ,:+ ; (, <7 = ( - ; '4 >. ORDER PRONOUNCED IN THE OPEN COU RT ON 20 TH DAY OF DECEMBER,2013. ,(7 3 56 +( ) @ ,(7 3 56 +( ) @ ,(7 3 56 +( ) @ ,(7 3 56 +( ) @ 20.12.2013 3 3 3 3 . .. . SD/- SD/- ( . / D.MANMOHAN) ( '()* / RAJENDRA) '#$ / VICE-PRESIDENT (+ ,- / ACCOUNTANT MEMBER &A / MUMBAI, ;, & /DATE: 20 TH DECEMBER,2013 SK ,(7 ,(7 ,(7 ,(7 3 33 3 04B 04B 04B 04B C(B64 C(B64 C(B64 C(B64 / COPY OF THE ORDER FORWARDED TO : 1. ASSESSEE / ./ 2. RESPONDENT / 01./ 3. THE CONCERNED CIT (A)/ &AD E , 4. THE CONCERNED CIT / &AD E 5. DR NAGPUR BENCH, ITAT, NAGPUR / BF 04 , . . ) . 6. GUARD FILE/ G 1B4 1B4 1B4 1B4 04 0404 04 //TRUE COPY// ,(7 / BY ORDER, ' / &' DY./ASST. REGISTRAR , &A /ITAT, MUMBAI