Asian Business Conection Pvt. Ltd., Bhopal V. DCIT - 1(1) , Bhopal

SA 21/Ind/2019

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 0418 (ITAT-INDORE)
• Duration Of Justice: 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-03-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2015-2016
• Appeal Filed On: 28-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R.S. AMBEDKAR
• Keywords: Application of stay

Judgement Text

ASIAN BUSINESS CONNECTIONS PVT. LTD SA NO.21/IND/2019 1 IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE HON'BLE KUL BHARAT, JUDICIAL MEMBER AND HON'BLE MANISH BORAD, ACCOUNTANT MEMBER S.A. NO. 21/IND/2019 ARISING OUT OF I.T.A. NO. 936/IND/2018 ASSESSMENT YEAR : 2015-16 M/S.ASIAN BUSINESS CONNECTIONS :: APPLICANT PVT.LTD., BHOPAL. VS. DCIT-1(1), BHOPAL :: RESPONDENT PAN: AAICA1206D APPLICANT BY : S/ SHRI SUMIT NEMA, SR. ADV WITH GAGAN TIWARI, ADV . RESPONDENT BY : SHRI R.S. AMBEDKAR , SR.DR DATE OF HEARING 1 1 . 0 3 .201 9 DATE OF PR ONOUNCEMENT : 1 1 . 0 3 .201 9 O R D E R PER MANISH BORAD, A.M. THIS STAY APPLICATION IS FILED AT THE INSTANCE OF T HE ASSESSEE SEEKING STAY OF THE OUTSTANDING DEMAND OF RS. 1,24 ,33,67,029/- PERTAINING TO THE ASSESSMENT YEAR 2015-16. ASIAN BUSINESS CONNECTIONS PVT. LTD SA NO.21/IND/2019 2 2. LD. SENIOR COUNSEL FOR THE ASSESSEE REFERRING TO THE OF STAY APPLICATION SOUGHT DIRECTION IN REGARD TO ADJUSTMEN T OF OUTSTANDING REFUND PENDING IN THE ONE OF THE SUBSIDIARY COMPANY M/S. ADVANTAGE OVERSEAS PVT. LTD AGAINST THE THIRD AND F OURTH INSTALLMENT PAYMENT OF RS. 5 CRORE EACH EARLIER DIR ECTED BY THE TRIBUNAL VIDE S.A.NO.01/IND/2019 ORDER DATED 17.1.2 019. EARLIER VIDE ORDER DATED 17.1.2019 (SUPRA), THE TRIBUNAL OB SERVED AS UNDER; (I) FOLLOWING AMOUNTS TO BE DEPOSITED BY THE ASSESSEE AGAINST THE OUTSTANDING DEMAND; INSTALLMENT AMOUNT TO BE DEPOSITED UP TO 1 ST RS.5 CRORES 31.1.2019 2 ND RS.5 CRORES 15.2.2019 3 RD RS.5 CRORES 28.2.2019 4 TH RS.5 CRORES 15.3.2019 (II) THE ASSETS MARKED IN ANNEXURE A/2 OF THE STAY APPLICATION SHALL STAND AS SECURITY WITH THE INCOME TAX DEPARTMENT AND THE ASSESSEE WILL NOT SALE ANY OF TH E ASSETS MENTIONED IN ANNEXURE A/2 WITHOUT THE PERMIS SION OF INCOME TAX DEPARTMENT. 3. THE STAY GRANTED TO THE ASSESSEE WILL BE IN OPER ATION ONLY IF THE ASSESSEE FULFILLS THE ABOVE STATED CONDITION S. REGISTRY IS DIRECTED TO FIX THE APPEAL OUT OF TURN FOR HEARING ON 21.3.2019 AND THE DATE OF HEARING TO BE COMMUNICATED TO THE P ARTIES. ASSESSEE IS ALSO DIRECTED TO FILE NECESSARY PAPER B OOK, IF ANY, AT AN EARLY DATE AND ADJOURNMENT SHOULD NOT BE SEEKED UNLESS FOR ANY UNAVOIDABLE CIRCUMSTANCES. 3. THE LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE APPELLANT COMPANY IS FACING FINANCIAL HARDSHIP DUE AND ALSO T HE COMPANY IS NOT HAVING THE BANK BALANCE OR LIQUIDITY TO MAKE TH E PAYMENT OF RS. ASIAN BUSINESS CONNECTIONS PVT. LTD SA NO.21/IND/2019 3 5 CRORE AGAINST THE THIRD INSTALLMENT BEFORE 28.02. 2019 AND RS. 5 CRORE AGAINST THE FOURTH INSTALLMENT BEFORE 15.03. 2019. HE FURTHER SUBMITTED THAT THE APPELLANT COMPANY IS HAVING FIVE BANK ACCOUNTS IN ITS NAME AND OUT OF FIVE BANK ACCOUNTS TWO BANK ACCOUNTS HAS ALREADY BEEN ATTACHED BY THE DEPARTMENT AND THE BAL ANCE IN REMAINING THREE BANK ACCOUNT IS NOT SUFFICIENT TO M AKE THE PAYMENT OF THIRD INSTALLMENT AND FOURTH INSTALLMENT BEFORE THE DUE DATES. TRUE COPY OF BANK ACCOUNTS OF THREE BANKS AS ON 26. 02.2019 ARE FILED BEFORE THE TRIBUNAL. 4. THE DEPARTMENTAL REPRESENTATIVE VEHEMENTLY OPPOS ED THE STAY APPLICATION. 5. WE HAVE HEARD RIVAL CONTENTIONS AND PERUSED THE RECORDS PLACED BEFORE US. LOOKING TO THE FINANCIAL CRUNCH AND HARDSHIP AS NARRATED ABOVE INCLUDING THE AFFIDAVIT FILED BEFORE US, WE DEEM IT APPROPRIATE TO REVISE EARLIER CONDITIONS AS FOLLOWS ; (I) THE ASSESSEE SHALL PAY THIRD INSTALLMENT OF RS. 5 CRORE BEFORE 31.3.2019. (II) THE ASSESSEE SHALL PAY FOURTH INSTALLMENT OF R S. 5 CRORE BEFORE 31.5.2019. ASIAN BUSINESS CONNECTIONS PVT. LTD SA NO.21/IND/2019 4 6. THE RELEVANT APPEAL IS ALREADY FIXED FOR HEARING ON 20.03.2019 AND EARLIER STAY OF 90 DAYS GRANTED TILL 16.4.2019 WILL BE IN FORCE OR TILL THE DISPOSAL OF THE RELEVANT APPEAL WHICHEVER IS EARLIER. 7. IN THE RESULT STAY APPLICATION OF THE ASSESSEE I S ALLOWED SUBJECT TO THE TERMS AND CONDITIONS STATED HEREINABOVE. ORDER WAS PRONOUNCED IN THE OPEN COURT ON 11.03.20 19. SD/- SD/- (KUL BHARAT) (MANISH BORAD) JUDICIAL MEMBER ACCOU NTANT MEMBER INDORE: 11 TH MARCH, 2019 /DEV COPY TO: ASSESSEE/AO/PR. CIT/ CIT (A)/ITAT (DR)/GUA RD FILE. BY ORDER ASSTT. REGISTRAR,ITAT, INDORE .