Smt Jayana Naresh Gadia , Bangalore V. Income Tax Officer Ward-5(2)(2), Bangalore

SA 273/BANG/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6135 (ITAT-BANGALORE)
• Duration Of Justice: 5 month(s) 1 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 01-05-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2014-2015
• Appeal Filed On: 30-11-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: LOKESH JAIN
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI JASON P BOAZ, ACCOUNTANT MEMBER SP NOS.273 & 274/BANG/2018 [IN ITA NO.2800 & 2801/2018] ASSESSMENT YEAR : 2014-15 1) SHRI JAYANA NARESH GADIA PAN : AGGPB 5048 M 2) SHRI NARESH BHIMRAJ GADIA PAN : AFIPG 2084 F NO.11/2, VINAYAKA COMPLEX, MS LANAE, JM ROAD CROSS, BENGALURU. VS. THE INCOME-TAX OFFICER, WARD-5(2)(2), BENGALURU. APPELLANTS RESPONDENT APPLICANT BY : SHRI LOKESH JAIN, C.A RESPONDENT BY : SHRI R.N SIDDAPPAJI, ADDL.CIT (DR) DATE OF HEARING : 04.01.2019 DATE OF PRONOUNCEMENT : 04.01.2019 O R D E R PER N.V. VASUDEVAN, VICE PRESIDENT STAY PETITION NO.273/BANG/2018 IS FILED BY THE ASSESSEE SHRI JAYANA NARESH GADIA AND STAY PETITION NO.274/B ANG/2018 IS FILED BY NARESH BHIMRAJ GADIA. IN BOTH THE STAY PETITIONS P RAYER HAS BEEN MADE FOR GRANT OF ORDER OF STAY OF RECOVERY OF OUTSTANDING D EMAND OF RS.9,30,860/- IN THE CASE OF SHRI JAYANA NARESH GADIA AND RS.13, 06,990/- IN THE CASE OF SHRI NARESH BHIMRAJ GADIA. SP NOS.273 & 274/BANG/2018 PAGE 2 OF 3 2. AT THE TIME OF HEARING, IT WAS INFORMED BY THE L D COUNSEL FOR THE ASSESSEE THAT APPEAL IS ALREADY POSTED FOR HEARING ON 4/2/2019. THE ISSUE INVOLVED IN BOTH THE APPEALS IS WITH REGARD TO THE ACTION OF THE REVENUE AUTHORITIES IN COMING TO THE CONCLUSION THAT THE LT CG CLAIMED BY THE ASSESSEE ON SALE OF SHARES IS NOT GENUINE AND CONSE QUENTIALLY TAXING THE SAME AS UNEXPLAINED INCOME U/S 68 OF THE ACT. KEEP ING IN MIND THE CONCLUSIONS OF THE REVENUE AUTHORITIES ON THE MERIT S OF THE ADDITIONS MADE, AND FACT THAT THE APPEALS ARE ALREADY POSTED FOR HE ARING ON 4/2/2019, WE ARE OF THE VIEW THAT THE ORDER OF STAY OF RECOVERY OF OUTSTANDING DEMAND SHOULD NOT BE PASSED AT THIS STAGE. WE, ACCORDINGL Y DISMISS THE APPLICATIONS FOR GRANT OF STAY. 3. IN THE RESULT, BOTH THE STAY PETITIONS ARE DISMI SSED. PRONOUNCED IN THE OPEN COURT ON THIS THE DAY OF 4 TH JANUARY, 2019 . ( JASON P BOAZ) ( N.V. VASUD EVAN) ACCOUNTANT MEMBER VICE PRESIDENT BANGALORE, DATED, THE 4 TH JANUARY, 2019. / VMS / COPY TO: 1. THE APPLICANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT(A) 5. THE DR, ITAT, BANGALORE. 6. GUARD FILE BY ORDER ASST. REGISTRAR, ITAT, BANGALORE SP NOS.273 & 274/BANG/2018 PAGE 3 OF 3 1. DATE OF DICTATION 2. DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER . 3. DATE ON WHICH THE APPROVED DRAFT COMES TO SR.P.S .. 4. DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE DICTATING MEMBER .. 5. DATE ON WHICH THE FAIR ORDER COMES BACK TO THE S R. P.S. .. 6. DATE OF UPLOADING THE ORDER ON WEBSITE.. 7. IF NOT UPLOADED, FURNISH THE REASON FOR DOING SO .. 8. DATE ON WHICH THE FILE GOES TO THE BENCH CLERK .. 9. DATE ON WHICH ORDER GOES FOR XEROX & ENDORSEMENT 10. DATE ON WHICH THE FILE GOES TO THE HEAD CLERK . 11. THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT RE GISTRAR FOR SIGNATURE ON THE ORDER . 12. THE DATE ON WHICH THE FILE GOES TO DISPATCH SEC TION FOR DISPATCH OF THE TRIBUNAL ORDER . 13. DATE OF DESPATCH OF ORDER. ..