Suman Properties, Pune V. Income-tax Officer, Ward - 5(3), Pune

SA 25/PUN/2019

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 0594 (ITAT-PUNE)
• Duration Of Justice: 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-03-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2014-2015
• Appeal Filed On: 14-03-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Application of stay
• Section: 2

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, PUN E , ! , '# $ !% , ! & BEFORE SHRI ANIL CHATURVEDI, AM AND SHRI VIKAS AWAS THY, JM S.A. NO. 25/PUN/2019 (ARISING OUT OF ITA NO. 2630/PUN/2017) ' (' / ASSESSMENT YEAR : 2014-15 M/S. SUMAN PROPERTIES C 405-406 KUMAR BUSINESS COURT, MUKUNDNAGAR, PUNE-411 037 PAN : ABRFS1252N .. /APPLICANT / V/S. THE INCOME TAX OFFICER, WARD-5(3), PUNE. .. / RESPONDENT ASSESSEE BY : SHRI SHARAD VAZE REVENUE BY : SHRI RAJESH GAWALI / DATE OF HEARING : 22.03.2019 / DATE OF PRONOUNCEMENT : 22.03.2019 ) / ORDER PER VIKAS AWASTHY, JM THIS APPLICATION HAS BEEN FILED BY ASSESSEE FOR STAYING REC OVERY OF OUTSTANDING DEMAND OF RS.29,67,970/- FOR THE ASSESSMENT YEAR 201 4-15. 2. SHRI SHARAD VAZE APPEARING ON BEHALF OF THE ASSESSE E SUBMITTED THAT THE ASSESSEE IS A PARTNERSHIP FIRM. THE ADDITION HAS BEEN MADE BY THE ASSESSING OFFICER IN RESPECT OF GAINS ARISING FROM SALE OF PRO PERTY. THERE WAS DIFFERENCE IN THE VALUE OF PROPERTY ADOPTED BY THE AS SESSEE AND THE 2 SA NO.25/PUN/2019 A.Y.2014-15 VALUE CONSIDERED BY THE ASSESSING OFFICER. THE ASSESSING OFFIC ER UNDER SUCH CIRCUMSTANCES SHOULD HAVE REFERRED THE MATTER TO DVO. HOWEVER, NO SUCH REFERENCE WAS MADE BY THE ASSESSING OFFICER. THE LD. AR CONTENDED THAT IF THE APPEAL IS RESTORED BACK TO THE FILE OF ASSESSIN G OFFICER FOR REFERRING VALUATION TO DVO, THE PRESENT DEMAND WOULD BE R EDUCED TO NIL. THE LD. AR FURTHER CONTENDED THAT THE ASSESSING OFFICER HA D ALREADY ATTACHED BANK ACCOUNT OF THE ASSESSEE FIRM AND ONE OF THE PARTNER S. 3. SHRI RAJESH GAWALI REPRESENTING THE DEPARTMENT VEHE MENTLY OPPOSED THE STAY APPLICATION. THE LD. DR SUBMITTED THAT THE ASSESS EE HAS NOT PAID ANY AMOUNT TOWARDS OUTSTANDING DEMAND AS ON TODAY. 4. BOTH SIDES HEARD. PRIMA-FACIE, WE FIND MERIT IN THE SUBMIS SIONS OF A.R. UNDISPUTEDLY, NO AMOUNT HAS BEEN PAID BY THE ASSES SEE TOWARDS DEMAND ARISING FROM ASSESSMENT ORDER. RECOVERY OF OUTST ANDING DEMAND IN THE CASE OF THE ASSESSEE DESERVES TO BE STAYED SUBJE CT TO THE FOLLOWING CONDITIONS: I) THE ASSESSEE SHALL PAY RS.6,00,000/- IN TWO EQUAL INSTALLMENTS. FIRST INSTALLMENT OF RS.3,00,000/- SHALL BE PAID BY ASSESSEE ON OR BEFORE 31.03.2019 AND SECOND INSTALLMEN T OF RS.3,00,000/- SHALL BE PAID BY THE ASSESSEE ON OR BEFORE 30.04.2019. II) THE ASSESSEE SHALL FURNISH PROOF OF AMOUNT DEPOSITED TO THE GOVERNMENT EXCHEQUER WITHIN ONE WEEK FROM THE DATE OF DEPOSIT WITH THE OFFICE REGISTRY. III) RECOVERY OF REMAINING AMOUNT SHALL REMAIN STAYED FOR A PERIOD OF 180 DAYS FROM THE DATE OF THIS ORDER OR TILL DISP OSAL OF APPEAL, WHICHEVER IS EARLIER. IV) THE ASSESSEE/A.R. SHALL NOT SEEK FRIVOLOUS ADJOURNMENT S OR DELAY THE HEARING OF APPEAL WITHOUT THEIR BEING BONA-FIDE CAUSE. V) THE ASSESSEE, IF WISHES TO FILE ANY PAPER BOOK, SHALL FURNISH THE SAME BEFORE THE DATE OF HEARING IN ACCORDANCE WITH I TAT RULES. 3 SA NO.25/PUN/2019 A.Y.2014-15 VI) IF THE ASSESSEE/ AR VIOLATE ANY OF THE CONDITIONS MENT IONED ABOVE, THE STAY GRANTED SHALL AUTOMATICALLY GET VACATED AND THE ASSESSEE SHALL ALSO LOSE THE BENEFIT OF EARLY HEARING OF APPEAL. ON PAYMENT OF THE AFORESAID AMOUNT, THE BANK ACCOUNTS A TTACHED BY THE ASSESSING OFFICER SHALL BE RELEASED FORTHWITH. 5. THE REGISTRY IS DIRECTED TO LIST THE APPEAL FOR HEARING ON 08.05.2019 . SINCE, THE DATE OF HEARING HAS BEEN INFORMED TO BOTH SIDES IN OPEN COURT, ISSUANCE OF SEPARATE NOTICE OF HEARING IS DISPENSED WITH. 6. IN THE RESULT, STAY APPLICATION OF ASSESSEE IS ALLOWED SU BJECT TO THE CONDITIONS MENTIONED ABOVE. ORDER PRONOUNCED IN THE OPEN COURT ON FRIDAY, THE 22 ND DAY OF MARCH, 2019. SD/- SD/- ( / ANIL CHATURVEDI ) ( $ !% /VIKAS AWASTHY) ACCOUNTANT MEMBER JUDICIAL MEMBER / PUNE; ! / DATED : 22 ND MARCH, 2019. SB ) * +,$ -$( / COPY OF THE ORDER FORWARDED TO : 1. '# / THE APPELLANT. 2. / THE RESPONDENT. 3. THE CIT (APPEALS)-4, PUNE. 4. THE PR. CIT-3, PUNE. $% &'(#)* , '#')* , +,- , / DR, ITAT, B BENCH, PUNE. 6. (./01 / GUARD FILE. // TRUE COPY // 2 / BY ORDER, 3# )- / PRIVATE SECRETARY '# ')* , / ITAT, PUNE. 4 SA NO.25/PUN/2019 A.Y.2014-15 DATE 1 DRAFT DICTATED ON 2 2.0 3 .2019 SR.PS/PS 2 DRAFT PLACED BEFORE AUTHOR 2 2.0 3 .2019 SR.PS/PS 3 DRAFT PROPOSED AND PLACED BEFORE THE SECOND MEMBER JM/AM 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER AM/JM 5 APPROVED DRAFT COMES TO THE SR. PS/PS SR.PS/PS 6 KEPT FOR PRONOUNCEMENT ON SR.PS/PS 7 DATE OF UPLOADING OF ORDER SR.PS/PS 8 FILE SENT TO BENCH CLERK SR.PS/PS 9 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK 10 DATE ON WHICH FILE GOES TO THE A.R 11 DATE OF DISPATCH OF ORDER