Shri. H Omkarappa, Shivamogga V. Assistant Commissioner of Income Tax, Circle-1, Shivamogga

SA 228/BANG/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6056 (ITAT-BANGALORE)
• Duration Of Justice: 7 month(s) 7 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 01-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 24-09-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SREENANDINI DAS
• Assessee Lawyers: S RAMASUBRAMANIAN
• Keywords: Application of stay

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, B ENGALURU BEFORE S HRI N.V.VASUDEVAN , JUDICIAL MEMBER AND SHRI INTURI RAMA RAO , ACCOUNTANT MEMBER STAY PETN.NO.228/BANG/2018 (IN I TA NO. 31 / BANG/2 0 1 8 ) (ASSESSMENT YEAR: 201 2 - 13 ) SHRI H. OMKARAPPA , ARECANUT MERCHANTS, APMC YARD, SHIVAMOGGA - 577 201. PAN:AABHH 1124 B VS. PETITIONER ASSISTANT COMMISSIONER OF INCOME - TAX, CIRCLE - 1, SHIVAMOGGA. RESPONDENT PETITIONER BY : SHRI S.RAMASUBRAMANIAN, CA. RESPONDENT BY : SMT. SREE NANDINI D AS, ADDL.CIT DATE OF HEARING : 05/10/2018 DATE OF PRONOUNCEMENT : 05/ 10/2018 O R D E R PER INTURI RAMA RAO, A M : THE ASSESSEE HAS FILED THIS STAY PETITION SEEKING STAY OF OUTSTANDING DEMAND OF RS.13,16,094/ - AND IT PERTAINS TO ASSESSMENT YEAR 2012 - 13 . 2. LEARNED AR OF THE ASSESSEE SUBMITTED THAT THE DEMAND IN QUESTION HAD ARISEN ON ACCOUNT OF ADDITION MADE IN RESPECT OF INVESTMENTS MADE IN PARTNERSHIP ON THE GROUND THAT CORRESPONDING ENTRIES OF INVESTMENTS WERE NOT DULY RECORDED IN THE HANDS OF THE PARTNERS. HE FURTHER SUBMITTED THAT ABSENCE OF ENTRIES IN BOOKS OF ACCOUNT CANNOT BE THE BASIS FOR MAKING ADDITION. THUS, HE SUBMITTED THAT THE ASSESSEE HAS GOT A PRIMA FACIE CASE IN ITS FAVOUR. ON THE OTHER HAND, LEARNED DEPARTMENTAL REPRESENTATIV E OPPOSED THE STAY PETITION. SP NO . 228 /BANG/20 18 PAGE 2 OF 2 3. WE HEARD RIVAL SUBMISSIONS AND PERUSED THE MATERIAL ON RECORD. WE FIND FROM RECORD THAT THE ASSESSEE HAS ALREADY PAID MORE THAN 50% OF THE DEMAND. THEREFORE, IT IS A FIT CASE FOR GRANT OF STAY OF DEMAND F OR A PERIOD OF SI X MONTHS FROM TODAY. THE APPEAL IS ALREADY POSTED FOR HEARING ON 15/11/2018. THE STAY IS SUBJECT TO CONDITION THAT THE ASSESSEE SHALL NOT SEEK ADJOURNMENT OF THE CASE FROM HEARING WITHOUT ANY REASONABLE AND JUST CAUSE. 4. IN THE RESULT, THE STAY PETI TION IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 05 TH OCTOBER 2018 SD/ - SD/ - (N.V.VASUDEVAN) ( INTURI RAMA RAO) JUDICIAL MEMBER ACCOUNTANT M EMBER PLACE : BENGALURU. D A T E D : 05 / 1 0 /201 8 SRINIVASULU, SPS COPY TO : 1 APPELLANT 2 RESPONDENT 3 CIT(A) 4 CIT 5 DR, ITAT, BANGALORE. 6 GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME - TAX APPELLATE TRIBUNAL BANGALORE