M/S KUBHER DEVELOPERS, BHILAI(CG) V. THE INCOME TAX OFFICER-3, BHILAI(CG)

SA 2/BIL/2016

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 3530 (ITAT-RAIPUR)
• Duration Of Justice: 3 year(s) 1 month(s) 5 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: 28-03-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHEETAL VERMA
• Keywords: Application of stay

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH, RAIPUR BEFORE SHRI SHAMIM YAHYA , HONBLE ACCOUNTANT MEMBER & SHRI PARTHA SARATHI CHAUDHURY , HONBLE JUDICIAL MEMBER STAY APPLICATION NO S . 01 & 02 / R PR /201 6 (ARISING OUT OF I.T.A.NOS. 43 & 44/RPR/2016) (ASST. YEAR : 20 11 - 12 & 2012 - 13 ) M/S. KUBHER DEVELOPERS, 42/3, NEHRU NAGAR (E) , BHILAI. VS. ITO - (1) 3, BHILAI PAN NO. AAJFK 1971 B (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI MOOLCHAND JAIN ADV. DEPARTMENT BY : SMT. SHEETAL VERMA - DR . DATE OF HEARING : 2 2 / 04/2016 . DATE OF PRONOUNCEMENT : 22 / 04 /201 6 . O R D E R PER SHAMIM YAHYA , ACCOUNTANT MEMBER BY WAY OF THESE STAY APPLICATION S , THE ASSESSEE SEEKS STAY OF DEMAND ARISING OUT OF ASSESSMENT YEAR S 2011 - 12 & 2012 - 13. 2. L D. COUNSEL OF THE ASSESSEE SUBMITTED THAT THE ISSUE IN DISPUTE PERTAINS TO CLAIM OF DEDUCTION UNDER SEC. 80IB. LD . COUNSEL SUBMITTED THAT THERE ARE VARIOUS DECISIONS OF THE HON'BLE HIGH COURTS WHICH ARE IN FAVOUR OF THE ASSESSEE . H OWEVER, HE SUBMITTED THAT LD. DR HAS CHOSEN TO APPLY THE DECISION OF TRIBUNAL CASE - LAWS . HE SUBMITTED THAT BY NOT FOLLOWING THE DECISION S OF THE HON'BLE HIGH COURTS , LD. CIT(A)S ORDER IS NOT AT ALL SUSTAINABLE . HENCE, LD . COUNSEL SUBMITTED THAT ASSESSEE HAS A 2 S.A. NO. 01 & 02 / RPR /201 6 STRONG PRIMA FACIE CASE AND HE DESERVES STAY OF DEMAND. LD . COUNSEL FURTHER SUBMITTED TO CBDT CIRCULARS FOR THE PROPOS I TION THAT I F THE ASSESSED TAX, IS SUBSTANTIALLY HIGHER TH E N THE COLLECTION OF TAX IN DISPUTE SHOU LD BE HELD IN ABEYANCE. 3 . PER CONTRA , LD. DR SUBMITTED THAT ASSESSEE SHOULD BE CALLED UPON TO PAY 50% OF THE OUTSTANDING TAX FOR CLAIMING STAY. 4 . UPON CAREFUL CONSIDERATION, WE ARE OF THE CONSIDERED OPINION THAT THE ASSESSEE HAS A PRIMA FACIE CASE AND THE ASSESSEE DESERVES A CONDITIONAL STAY. ACCORDINGLY, WE GRANT CONDITION AL STAY OF 03 MONTHS FROM THE DATE OF THIS ORDER ON THE FOLLOWING CONDITIONS: - I) ASSESSEE SHALL PAY A SUM OF RS. 25,00,000 / - BY 31 /05/2016. II) NONE OF THE PARTIES SHALL SEEK UNNECESSARY ADJOURNMENTS . SUBJECT TO THE ABOVE CONDITIONS, THE ASSESSEE IS GRANTED STAY UPTO 03 MO N THS FROM THE DATE OF THIS ORDER. LD . COUNSEL HAS ALSO AGREED TO THE ABOVE CONDITIONS. 5 . IN THE RESULT, STAY APPLICATIONS ARE DISPOSED OF AS ABOVE. ORDER PRONOUNCED IN THE OPEN COURT ON 22 /04/2016 . SD/ - SD/ - ( PARTHA SARATHI CHAUDHURY ) ( SHAMIM YAHYA ) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 22 ND APRIL , 201 6 . 3 S.A. NO. 01 & 02 / RPR /201 6 VR/ - COPY TO: 1 . THE ASSESS E E. 2 . THE REVENUE. 3 . THE CIT 4 . THE CIT(A) 5 . THE D.R . 6 . GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., RAIPUR.