Shri Bhatkal Ramarao Prakash , Bangalore V. Income Tax officer, Ward-5(2)(3), Bangalore

SA 256/BANG/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6095 (ITAT-BANGALORE)
• Duration Of Justice: 6 month(s) 6 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 01-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2015-2016
• Appeal Filed On: 25-10-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SRINANDINI DAS
• Keywords: Application of stay; Capital Gains
• Section: 54F

Judgement Text

SP.256/BANG/2018 PAGE - 1 IN THE INCOME TAX APPELLATE TRIBUNAL BENGALURU BENCH 'A', BENGALURU BEFORE SHRI. A. K. GARODIA, ACCOUNTANT MEMBER AND SHRI. LALIET KUMAR, JUDICIAL MEMBER STAY PETITION NO.256/BANG/2018 (IN I.T.A NO.2692/BANG/2018) (ASSESSMENT YEAR : 2015-16) SHRI. BHATKAL RAMARAO PRAKASH, NO.1, AABHARAN, 1 ST MAIN ROAD, N R COLONY, BENGALURU 560 019 .. APPLICANT PAN : AHNPP4864F V. INCOME-TAX OFFICER, WARD 5(2)(3), BENGALURU .. RESPONDENT APPLICANT BY : SHRI. H. R. SURESH, CA REVENUE BY : SMT. SRINANDINI DAS, ADDL. CIT HEARD ON : 16.11.2018 PRONOUNCED ON : 16.11.2018 O R D E R PER LALIET KUMAR, JUDICIAL MEMBER : THE PRESENT STAY PETITION IS FILED BY THE ASSESSEE FOR SEEKING STAY OF DEMAND OF RS.72,56,390/-, FOR THE ASSESSMEN T YEAR 2015-16. 02. IT WAS SUBMITTED BY THE LD. AR THAT THE BALANCE AMOUNT DUE TO BE PAID OUT OF RS.72,56,390/- IS ONLY RS.48 LAKH S. AT THE OUTSET, SP.256/BANG/2018 PAGE - 2 WITHOUT GOING INTO THE MERITS, HE SUBMITTED THAT TH E ASSESSEE IS WILLING TO PAY 50% OF THE BALANCE OUTSTANDING AMOUN T. IT WAS FURTHER SUBMITTED BY THE LD. AR THAT THE ADDITION M ADE BY THE AO ON ACCOUNT OF SHORT-TERM CAPITAL GAINS IS UNFOUNDED AND FURTHER THE ASSESSEE IS ENTITLED TO THE BENEFIT OF SECTION 54F OF THE ACT. 03. THE LD. DR VEHEMENTLY DISPUTED THE PROPOSITION AND SUBMITTED THAT THE ASSESSEE BE DIRECTED TO PAY THE WHOLE AMOUNT AS THE ASSESSEE HAS NO CASE ON MERIT. 04. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL ON RECORD. AS A MATTER OF FACT, THE APPEAL IS FIXE D FOR HEARING ON 20.12.2018 AND THE ASSESSEE HAS EXPRESSED WILLINGNE SS TO PAY 50% OF THE BALANCE TAX DEMAND AMOUNTING TO RS.24,00,000 /-. THEREFORE, CONSIDERING THE TOTALITY OF THE FACTS AND CIRCUMSTA NCES, WE DIRECT THE ASSESSEE TO DEPOSIT RS.24 LAKHS, IN THREE EQUAL INS TALMENTS, AS UNDER: RS.8,00,000/- ON OR BEFORE 30.11.2018 RS.8,00,000/- ON OR BEFORE 15.12.2018 RS.8,00,000/- ON OR BEFORE 15.01.2019 05. THE ASSESSEE SHALL FILE PAPER BOOKS / DOCUMENTS BEFORE THE NEXT DATE OF HEARING VIZ., 20.12.2018, AFTER SUPPLY ING A COPY OF THE SAME TO THE REVENUE AND IT IS FURTHER DIRECTED THAT THE ASSESSEE SHALL NOT TAKE ANY UNDUE ADJOURNMENT IN THE MATTER. IN C ASE ANY OF THE TERMS AND CONDITIONS IS VIOLATED THEN THE STAY GRAN TED BY THE TRIBUNAL SHALL BE DEEMED TO HAVE BEEN VACATED. NO SEPARATE NOTICE OF HEARING SHALL BE GIVEN TO THE PARTIES AS THE DAT E OF HEARING WAS SP.256/BANG/2018 PAGE - 3 CONFIRMED IN THE OPEN COURT AT THE TIME OF HEARING, AS 20.12.2018. NEEDLESS TO SAY NOTHING STATED HEREINABOVE SHALL BE CONSIDERED AS AN EXPRESSION ON MERITS OF THE CASE AND IS ONLY PRI MA FACIE OBSERVATIONS OF THE BENCH. 06. IN THE RESULT, THE STAY PETITION IS ALLOWED TO THE ABOVE MENTIONED EXTENT. ORDER PRONOUNCED IN THE OPEN COURT ON 16 TH DAY OF NOVEMBER 2018. SD/- SD/- (A. K. GARODIA) (LALIET KUMAR) ACCOUNTANT MEMBER JUDICIAL MEMBE R BENGALURU DATED : 16.11.2018 MCN* COPY TO: 1. THE ASSESSEE 2. THE ASSESSING OFFICER 3. THE COMMISSIONER OF INCOME-TAX 4. COMMISSIONER OF INCOME-TAX(A) 5. DR 6. GF, ITAT, BANGALORE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL, BANGALORE.