SHRI KISHORE G. KANHERE, Nagpur V. DCIT, CENT. CIR-1(3), Nagpur

SA 2/NAG/2016

• Counselvise Citation: [2014] 117 COUNSELVISE.COM (IT) 8891 (ITAT-NAGPUR)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 23-10-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2009-2010
• Appeal Filed On: 03-08-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A R NINAWE
• Keywords: Search and seizure; Application of stay
• Section: 132

Judgement Text

, INCOME TAX APPELLATE TRIBUNAL,NAGPUR BENCH . . , BEFORE S/SH. D T GARASIYA,JUDICIAL MEMBER & RAJENDRA,ACCOUNTANT MEMBER S.A. NOS. 02, 03 & 04/NAG/2016 ARISING OUT OF ITA NOS.277,278&279/NAG/2016 ASSESSMENT YEARS : 2009 - 10, 2010 - 11 & 2011 - 12. SHRI KISHORE G. KANHERE, 101, PANDE LAYOUT, NEAR WATER TANK, TRIMURTI NAGAR, NAGPUR - 440022. PAN ABAPK 7493G. VS. DY. COMMISSIONER OF INCOME - TAX, CENTRAL CIRCLE - 1(3), NAGPUR. (APPLICANT ) ( RESPONDENT ) ASSESSEE BY: SHRI MANOJ MORYANI . REVENUE BY: SHRI A.R. NINAWE. / DATE OF HEARING: 0 2 .09.2016 / DATE OF PRONOUNCEMENT: 0 2 .09.2016 O R D E R PER RAJENDRA A.M. - THE ASSESSEE VIDE HIS APPLICATION DATED 8 - 8 - 2016, HAS REQUESTED TO STAY THE DEMANDS RAISED FOR THE ABOVE MENTIONED THREE YEARS . I N HIS APPLICATION IT HAS BEEN STATED THAT A SEARCH AND SEIZURE ACTION U/S 132 OF THE ACT WAS CARRIED OUT AT THE BUSINESS PREMISES OF ANKIT CONSTRUCTION AS WELL AS THE RESIDENCE OF THE ASSESSEE, THAT THE AO HAD RAISED DEMAND OF RS. 4.71 CRORES(1.55 CRORES F OR AY 20 09 - 10 + 97.29 LAKHS FOR AY 20 10 - 11 AND RS. 2.19 CRORES FOR AY 20 11 - 12), THAT THE ASSESSEE HAS CLOSED DOWN HIS BUSINESS AFTER THE SEARCH, THAT IT WAS NOT IN A POSITION TO PAY THE BALANCE DEMAND, THAT TILL DATE HE HAS PAID RS.1.25 CRORES FOR THE ABOV E ASSESSMENT YEARS. THE APPLICATION IS ACCOMPANIED BY AN AFFIDAVIT OF THE ASSESSEE WHEREIN HE HAS REITERATED THE SUBMISSIONS MADE IN THE APPLICATION. 2. BEFORE US, THE AUTHORISED REPRESENTATIVE (AR) ARGUED THAT BECAUSE OF THE FINANCIAL HARDSHIP THE ASSESSEE WAS NOT IN A POSITION TO PAY THE REMAINING DEMAND, THAT PRIMA FACIE THE CASE WAS IN FAVOUR OF THE ASSESSEE. THE DEPARTMENTAL REPRESENTATIVE ( DR ) STATED THAT THE ASSESSEE SHOULD BE DIRECTED TO PAY THE BALANCE DEMAND FOR ALL THE YEARS. 3. AFTER HEARING THE RIVAL SUBMISSIONS, WE ARE OF THE OPINION THAT IT IS A FIT CASE FOR STAYING THE DEMAND SUBJECT TO PAYMENT OF RS.5 LAKHS PER MONTH FOR THE NEXT SIX MONTHS. THE ASSESSEE WOULD PAY INSTALMENT OF RS.5 LAKHS ON OR BEFORE 15 TH OF EVERY MONTH STARTING FROM 15 - 09 - 2016. THE STAY WILL CONTINUE FOR A PERIOD OF SIX MONTHS OR TILL THE DISPOSAL OF APPEAL, WHICHEVER IS EARLIER. 4. STAY APPLICATIONS FILED BY THE ASSESSEE FOR THE ABOVE MENTIONED THREE YEARS STAND ALLOWED. PRONOUNCED IN THE OPEN COURT ON 02 - 09 - 2016 02 , 2016 ( . . / D T GARASIYA ) ( / RAJENDRA) / JUDICIAL MEMBER / ACCOUNTANT MEMBER NAGPUR ; DATED :0 2 . 0 9 . 2016. / COPY OF THE ORDER FORWARDED TO : 1. APPELLANT / 2. RESPONDENT / 3. THE CONCERNED CIT(A)/ , 4. THE CONCERNED CIT / 5. DR NAGPUR BENCH, ITAT, / , , . . . 6. GUARD FILE/ //TRUE COPY// / BY ORDER, / DY./ASST. REGISTRAR , / ITAT,NAGPUR.