M/S FIRE ARCOR INFRASTRUCTURE PVT. LTD, Nagpur V. A.C.I.T. CENTRAL CIR.,- 2(1), Nagpur

SA 2/NAG/2017

• Counselvise Citation: [2014] 117 COUNSELVISE.COM (IT) 8902 (ITAT-NAGPUR)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 23-10-2014
• Appeal Filed By: Assessee
• Bench Allotted: DB
• Assessment Year: 2008-2009
• Appeal Filed On: 06-02-2017
• Court: TRIBUNAL
• Department Lawyers: A R NINAWE
• Assessee Lawyers: R K GANERIWALA
• Keywords: Application of stay

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, NAGPUR BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER S.A. NO.2/NAG./2017 (ARISING OUT OF ITA NO.25/NAG./2017 ) (ASSESSMENT YEAR : 200809 ) FIRE ARCOR INFRASTRUCTURE PVT. LTD. 53, SAROJ, RAMDASPETH NAGPUR 440 010 PAN AABCF0909M . APPLICANT V/S ASSTT. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE2(1), AAYAKAR BHAWAN CIVIL LINES, NAGPUR 440 001 . RESPONDENT ASSESSEE BY : SHRI R.K. GANERIWALA REVENUE BY : SHRI A.R. NINAWE DATE OF HEARING 24.03.2017 DATE OF ORDER 24.03 .2017 O R D E R PER SHAMIM YAHYA, A.M. BY WAY OF THIS STAY APPLICATION, ASSESSEE SEEKS STAY OF OUTSTANDING DEMAND OF TAX AMOUNTING TO ` 28,83,232, FOR THE ASSESSMENT YEAR 200809. 2. BEFORE US, THE LEARNED COUNSEL FOR ASSESSEE SUBMITTE D BEFORE US THAT THE ISSUE IN THE MAIN APPEAL PERTAINS TO ALLEG ATION OF ONMONEY AMOUNTING TO ` 1.50 CRORE ADDED TO THE ASSESSEES INCOME ON THE B ASIS THE AKOLA URBAN COOPERATIVE BANK LTD. 2 OF A STATEMENT RECORDED IN SEARCH WITH KONDAWAR GRO UP FOR PURCHASE OF LAND. THIS WAS BASED UPON THE STATEMENT OF GOPAL GONDAWAR AT THE TIME OF SEARCH. LEARNED COUNSEL FOR ASSESSEE SUBMIT TED THAT THE SAID PERSON HAS SUBSEQUENTLY DENIED MAKING ANY STATEMENT AND NO OPPORTUNITY OF CROSSEXAMINE THE SAID PERSON WAS GR ANTED TO THE ASSESSEE. LEARNED COUNSEL FOR ASSESSEE FURTHER SUBM ITTED THAT THE ASSESSEE HAS SO FAR ALREADY PAID ` 40,27,658. HENCE, THE LEARNED COUNSEL FOR ASSESSEE PRAYED THAT OUTSTANDING AMOUNT MAY KINDLY BE STAYED. 3. PERCONTRA, THE LEARNED DEPARTMENTAL REPRESENTATIVE OPPOSED THE STAY APPLICATION. 4. UPON CAREFUL CONSIDERATION OF THE SUBMISSIONS MADE B Y THE PARTIES, WE FIND THAT THE ASSESSEE IN ITS CORRESPON DING APPEAL HAS A PRIMAFACIE CASE AND THE BALANCE OF CONVENIENCE IS ALSO IN FAVOUR OF THE ASSESSEE. CONSEQUENTLY, THE OUTSTANDING DEMAND IS HEREBY STAYED FOR A PERIOD OF 180 DAYS FROM THE DATE OF THIS ORDE R. 5. IN THE RESULT, ASSESSEES STAY IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 24.03.2017 SD/ - RAM LAL NEGI JUDICIAL MEMBER SD/ - SHAMIM YAHYA ACCOUNTANT MEMBER NAGPUR, DATED: 24.03.2017 THE AKOLA URBAN COOPERATIVE BANK LTD. 3 COPY OF THE ORDER FORWARDED TO : (1) THE ASSESSEE; (2) THE REVENUE; (3) THE CIT(A); (4) THE CIT, NAGPUR CITY CONCERNED; (5) THE DR, ITAT, NAGPUR; (6) GUARD FILE. TRUE COPY BY ORDER PRADEEP J. CHOWDHURY SR. PRIVATE SECRETARY (DY./ASSTT. REGISTRAR) ITAT, NAGPUR