P.N.Gadgil Jewellers Pvt.Ltd, Pune V. Assistant Commissioner of Income-tax, Circle - 4, Pune

SA 20/PUN/2019

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 0580 (ITAT-PUNE)
• Duration Of Justice: 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-03-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2014-2015
• Appeal Filed On: 12-03-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: RAJENDRA AGIWAL SHRI M K VERMA
• Keywords: Application of stay

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI PARTHA SARATHI CHAUDHURY, JUDICIAL MEMBER S.A. NO.20/PUN/19 ITA NO.1891/PUN/2018 / ASSESSMENT YEAR : 2014-15 P.N.GADGIL JEWELLERS PRIVATE LIMITED, PNG HOUSE, 694, NARAYAN PETH, LAXMI ROAD, PUNE 411 030 PAN : AAHCP4162E VS. ACIT, CIRCLE-4, PUNE (APPELLANT) (RESPONDENT) / ORDER PER R.S.SYAL, VP : BY MEANS OF THE PRESENT STAY APPLICATION, THE ASSESSEE REQU IRES THE TRIBUNAL TO STAY DEMAND OF RS.10.52 CRORE AND ODD F OR THE ASSESSMENT YEAR 2014-15 TILL THE DISPOSAL OF THE CAPTIONED APP EAL. 2. THE LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ASSESSEE HAS A PRIMA FACIE GOOD CASE BEFORE THE TRIBUNAL AND, THEREFORE, STAY MAY BE GRANTED. ON THE OTHER HAND, THE LD. DR OPPOSED THE STAY APPELLANT BY SHRI RAJENDRA AGIWAL RESPONDENT BY SHRI M.K. VERMA DATE OF HEARING 15-03-2019 DATE OF PRONOUNCEMENT 15-03-2019 SA NO 20/PUN/2019 P.N. GADGIL JEWELLERS PVT. LTD., 2 APPLICATION BY MAKING SUBMISSIONS AGAINST THE PRIMA FACIE OF THE CASE AS MADE OUT BY THE LD. AR. 3. HAVING HEARD BOTH THE PARTIES AND CONSIDERED THE TOTALITY OF FACTS AND CIRCUMSTANCES OF THE INSTANT CASE, WE ARE INCLINE D TO GRANT STAY FOR A PERIOD OF SIX MONTHS OR TILL THE DISPOSAL OF APPEAL, WHICHEVER IS EARLIER, SUBJECT TO THE ASSESSEE DEPOSITING A S UM OF RS.2.10 CRORE (20% OF THE OUTSTANDING DEMAND) IN TWO EQUA L INSTALMENTS OF RS.1.05 CRORE EACH. THE FIRST INSTALMENT SH ALL BE PAID ON OR BEFORE 20-03-2019 AND THE SECOND INSTALMENT BY 3 1-03-2019. HOWEVER, THIS ACCOMMODATION IS SUBJECT TO THE FURNISHING OF A N UNDERTAKING BY THE ASSESSEE TO THE SATISFACTION OF THE ASSESS ING OFFICER THAT IT WILL NOT ALIENATE ANY OF ITS IMMOVABLE PROPERTIES TILL THE FINAL DISPOSAL OF THE PRESENT APPEAL. THE ASSESSEE WILL A LSO NOT BE ENTITLED TO SEEK ANY ADJOURNMENT WITHOUT JUST CAUSE. IN CASE A NY OF THE TERMS AND CONDITIONS IS/ARE VIOLATED, THE STAY HEREIN GRANTED SHALL BE VACATED AND APPEAL WILL REVERT TO ITS ORIGINAL POSITION TO BE F IXED IN ROUTINE MANNER. 4. FURTHER, THE ASSESSEES REQUEST FOR EARLY HEARING IS ALSO ACCEDED TO. THE APPEAL IS DIRECTED TO BE FIXED FOR HEARING ON 08-0 5-2019 SUBJECT TO COMPLIANCE OF THE ABOVE TERMS. WITH THESE OBSERVA TIONS, SA NO 20/PUN/2019 P.N. GADGIL JEWELLERS PVT. LTD., 3 AND SUBJECT TO THE ABOVE TERMS AND CONDITIONS, THE STAY APPLIC ATION OF THE ASSESSEE GETS DISPOSED OF ACCORDINGLY. 5. IN THE RESULT, THE STAY APPLICATION IS ALLOWED IN THE ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON 15 TH MARCH, 2019. SD/- SD/- (PARTHA SARATHI CHAUDHURY) (R.S.SYAL) JUDICIAL MEMBER V ICE PRESIDENT PUNE; DATED : 15 TH MARCH, 2019 / COPY OF THE ORDER IS FORWARDED TO : 1. / THE APPELLANT; 2. / THE RESPONDENT; 3. ( ) / THE CIT (APPEALS)-13, PUNE 4. PR. CIT-5, PUNE 5. , , / DR B, ITAT, PUNE; 6. / GUARD FILE. // TRUE COPY // / BY ORDER, // TRUE COPY // SENIOR PRIVATE SECRETARY , / ITAT, PUNE SA NO 20/PUN/2019 P.N. GADGIL JEWELLERS PVT. LTD., 4 DATE 1. DRAFT DICTATED ON 15-03-2019 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 15-03-2019 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. JM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS 7. DATE OF UPLOADING ORDER SR.PS 8. FILE SENT TO THE BENCH CLERK SR.PS 9. DATE ON WHICH FILE GOES TO THE HEAD CLERK 10. DATE ON WHICH FILE GOES TO THE A.R. 11. DATE OF DISPATCH OF ORDER. *