Shantai Exim Ltd., Ahmedabad V. Deputy Commissioner of Income Tax, Circle-2(1)(2), Surat

SA 27/SRT/2019

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 8881 (ITAT-SURAT)
• Duration Of Justice: 1 month(s) 3 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 01-07-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2012-2013
• Appeal Filed On: 28-05-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P S CHOWDHARY
• Assessee Lawyers: AMAN K SHAH
• Keywords: Application of stay

Judgement Text

PAGE 1 OF 2 , , IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH, SURAT BEFORE SHRI MAHAVIR PRASAD, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUNTANT MEMBER STAY PETITION NO.27/SRT/2019 (ARISING OUT OF I.T.A. NO.273/SRT/2018) [ [ / ASSESSMENT YEAR : 2012-13 SHANTAI EXIM LTD., C/O.KETAN H.SHAH, ADVOCATE, 512, TIMES SQUARE 1, OPP.RAM BAUG BUNGALOW, NEAR RAVIJA PLAZA, THALTEJ-SHAILAJ ROAD, THALTEJ, AHMDABAD. [PAN: AAECM 1115 D] VS. DCIT, CIRCLE - 2(1)(2), SURAT. APPELLANT /RESPONDENT [ /ASSESSEE BY SHRI AMAN K.SHAH CA /REVENUE BY SHRI P.S.CHOWDHARY SR. DR / DATE OF HEARING: 19 . 0 6 .201 9 /PRONOUNCEMENT ON: 19 .0 6 .2019 /O R D E R PER MAHAVIR PRASAD, JM: 1. THIS STAY PETITION FILED BY THE ASSESSEE IS ARISING OUT OF ITA NO.273/SRT/2019. 2. THE ASSESSEE HAS REQUESTED FOR STAY OF DEMAND OF RS.17,98,03,133/- INCLUDING INCOME TAX SUR CHARGE /EDUCATION CESS AND INTEREST U/S.234C AND 234B. THE LD.COUNSEL FOR THE APPLICANT STATED THAT ALREADY ASSESSEE HAS PAID RS.8 CRORES TO THE REVENUE AUTHORITY AND REQUESTED FOR THE REMAINING AMOUNT MAY KINDLY BE STAYED AS ASSESSEE IS PAGE 2 OF 2 HAVING BALANCE OF CONVENIENCE IN HIS FAVOUR. THE STAY IS GRANTED TO THE APPLICANT PROVIDED IF IT PAYS RS.20,00,000/- IN TWO INSTALLMENTS OUT OF WHICH RS.10,00,000/- TO BE DEPOSITED BY THE APPLICANT ON OR BEFORE 30.06.2019 AND RS.10,00,000/- TO BE DEPOSITED BY THE APPLICANT ON OR BEFORE 31.07.2019. WE MAKE IT CLEAR IF ABOVE SAID CONDITIONS ARE NOT FULFILLED BY THE APPLICANT THEN THE STAY WILL BE VACATED AND IN OUR CONSIDERED OPINION, THIS CASE DESERVE TO BE STAYED. 3. THE STAY IS GRANTED FOR A PERIOD OF 180 DAYS FROM TODAY OR WHEN THE APPEAL IS DISPOSED OF BY THE BENCH WHICHEVER IS EARLIER. 4. THE ORDER PRONOUNCED IN THE OPEN COURT ON 19.06.2019 SD/- SD/- (O.P.MEENA) (MAHAVIR PRASAD) ( /ACCOUNTANT MEMBER) ( /JUDICIAL MEMBER) / SURAT, DATED : 19 TH JUNE , 2019/ S.GANGADHARA RAO, SR.PS COPY OF ORDER SENT TO- ASSESSEE/AO/PR. CIT/ CIT (A)/ ITAT (DR)/GUARD FILE OF ITAT. BY ORDER / / TRUE COPY / / ASSISTANT REGISTRAR, SURAT