Lewek Altair Shipping Private Limited, Kakinada V. The ACIT, Circle-1, Kakinada

SA 18/VIZ/2017

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 3930 (ITAT-VISAKHAPATNAM)
• Duration Of Justice: 1 year(s) 8 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2012-2013
• Appeal Filed On: 14-08-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R GOVINDARAJAN
• Assessee Lawyers: JITENDRA SINGH
• Keywords: Application of stay
• Section: 143(3)

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM . , . . , BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER & SHRI D.S. SUNDER SINGH , ACCOUNTANT MEMBER S.P .NO. 18 /VIZ/ 201 7 (ARISING OUT OF I.T.A.NO.93/VIZ/2017) ( /ASSESSMENT YEAR: 201 2 - 1 3 ) LEWEK ALTAIR SHIPPING PRIVATE LTD. #3 - 16 - 193/1 SRIVIDYA COLONY, SURYARAOPET KAKINADA - 533003 [ PAN : A A BCL9766C ] THE ACIT, CIRCLE - 1 KAKINADA ( / APPELLANT) ( / RESPONDENT) / APPELLANT BY : SHRI JITENDRA SINGH , AR / RESPONDENT BY : SHRI R.GOVINDARAJAN , DR / DATE OF HEARING : 0 8 .0 9 .2017 / DATE OF PRONOUNCEMENT : 11 . 0 9 .2017 / O R D E R PER D.S. SUNDER SINGH , ACCOUNTANT MEMBER : IN THIS CASE, ASSESSMENT WAS COMPLETED U/S 143(3) R.W.S. 92(CA)(3) OF I.T.ACT, RAISING DEMAND OF RS. 12,21,25,300/ - BY AN ORDER DATED 20.12.2016. 2 S.P. NO . 18 /VIZ/201 7 M/S LEWEK ALTAIR SHIPPING PVT. LTD., KAKINADA 2. AGGRIEVED BY THE ORDER OF THE ASSESSING OFFICER, THE ASSESSEE FILED APPEAL BEFORE THIS TRIBUNAL AND FILED STAY APPLICATION REQUESTING TO KEEP THE DEMAND IN AB EYANCE. DURING THE APPEAL HEARING, LD.AR ARGUED THAT THE COMPANY IS FACING FINANCIAL CONSTRAINTS AND INCURRED HUGE LOSSES FROM THE ASSESSMENT YEAR 2011 - 12 TO 2014 - 15 AND FINDING IT DIFFICULT TO MAKE THE PAYMENT OF STATUTORY DUES ALSO . THE LD.AR FURTHER S TATED THAT THERE WAS REFUND OF RS. 1,99,26,900/ - P ENDING FROM THE DEPARTMENT RELATING TO THE A.YS 2015 - 16 AND 2016 - 17 WHICH CAN BE ADJUSTED AGAINST THE OUTSTANDING DEMAND. LD.AR FURTHER SUBMITTED T HAT AGAINST THE EFFECTIVE OPERATING COST OF RS.51,54,31,080/ - , T HE LD .AO HAS ADOPTED A SUM OF RS.68,63,58,7 79/ - THEREBY MADE THE EXCESS ADDITION OF RS.17.09 CRORES IN THE ASSESSMENT MADE U/S 143(3) DATED 20.12.2016. THE LD.AR FURTHER S UBMITTED THAT THE ASSESSEE IS HAVING GOO D CASE FOR SUCCEEDING IN APPEAL ACCORDI NGLY REQUESTED FOR STAY OF THE DEMAND. 3. ON THE OTHER HAND, LD.DR VEHEMENTLY OPPOSED TO STAY THE OUTSTANDING DEMAND. 3 S.P. NO . 18 /VIZ/201 7 M/S LEWEK ALTAIR SHIPPING PVT. LTD., KAKINADA 4. WE HAVE HEARD BOTH THE PARTIES, CONSIDERED THE SUBMISSIONS MADE BY THE ASSESSEE AND INCLINED TO GRANT THE STAY ON THE FACTS AND CIRCUMSTANCES EXPLAINED BY THE LD.AR FOR 90 DAYS FROM THE DATE OF THIS ORDER. THE APPEAL IS P OSTED FOR HEARING ON 08.11.2017 AND T HE ASSESSEE SHOULD NOT SEEK ADJOURNMENT ON THE DATE OF HEARING. IN CASE, THE ASSESSEE SEEKS ADJOURNMENT, THE STAY GRANTED WILL AUTOMATICALLY BE VACATED AND THE DEPART MENT IS FREE TO RECOVER THE DEMAND AS PER LAW. SINCE THE DATE OF HEARING IS PRONOUNCED IN THE OPEN COURT, NO SEPARATE NOTICE WILL BE ISSUED TO THE CONCERNED PARTIES AND THE REGISTRY IS DIRECTED TO FIX THE APPEA L ON THE DATE AS MENTIONED ABOVE FOR HEARING. T HE ABOVE ORDER WAS PRONOUNCED IN THE OPEN COURT ON 11 TH SEP 20 17 . SD/ - SD/ - ( . ) ( . . ) (V. DURGA RAO) ( D.S. SUNDER SINGH ) /JUDICIAL MEMBER /ACCOUNTANT MEMBER /VISAKHAPATNAM /DATED : 11 . 0 9 .2017 L. RAMA, SPS 4 S.P. NO . 18 /VIZ/201 7 M/S LEWEK ALTAIR SHIPPING PVT. LTD., KAKINADA /COPY OF THE ORDER FORWARDED TO: - 1. / THE APPELLANT LEWEK ALTAIR SHIPPING PRIVATE LTD., #3 - 16 - 193/1, SRIVIDYA COLONY, SURYARAOPET, KAKINADA - 533003 2 . / THE RESPONDENT THE ACIT, CIRCLE - 1, KAKINADA 3 . THE COMMISSIONER OF INCOME TAX, DRP - 1, BENGALURU. 4 . , , / DR, ITAT, VISAKHAPATNAM 5 . / GUARD FILE / BY ORDER // TRUE COPY // SR. PRIVATE SECRETARY ITAT, VISAKHAPATNAM