M/S ASMI STONEX, KISHANGARH V. INCOME TAX OFFICER, KISHANGARH

SA 28/JPR/2017

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 3622 (ITAT-JAIPUR)
• Duration Of Justice: 1 year(s) 4 month(s) 18 day(s)
• Appeal Type: Income Tax (International Taxation) Appeal
• Pronouncement Date: 29-04-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2014-2015
• Appeal Filed On: 11-12-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: VARINDRA MEHTA CIT DHK
• Assessee Lawyers: S L PODDAR
• Keywords: Application of stay; Reasonable cause
• Section: 143(3); 131

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHE S, JAIPUR JH DQY HKKJR] U;KF;D LNL; ,OA JH FOE FLAG ;KNO] YS[KK LNL; DS LE{K BEFORE: SHRI KUL BHARAT, JM & SHRI VIKRAM SINGH YA DAV, AM STAY APPLICATION NO. 28/JP/2017 (ARISING OUT OF ITA NO. 867/JP/2017) FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2014-15 M/S ASMI STONEX CHOUDHARY SADAN, HAMIR COLONY MADANGANJ, KISHANGARH CUKE VS. INCOME TAX OFFICER, WARD-01, KISHANGADH LFKK;H YS[KK LA-@THVKBZVKJ LA-@ P AN NO. AARFA6255C VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT STAY APPLICATION NO. 27/JP/2017 (ARISING OUT OF ITA NO. 866/JP/2017) FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2014-15 SMT. KUSUM CHOUDHARY CHOUDHARY SADAN, HAMIR COLONY MADANGANJ, KISHANGARH CUKE VS. DCIT WARD-01 AJMER LFKK;H YS[KK LA-@THVKBZVKJ LA-@ P AN NO. AEPPC5771H VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT STAY APPLICATION NO. 26/JP/2017 (ARISING OUT OF ITA NO. 865/JP/2017) FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2014-15 SHRI TILAK CHOUDHARY CHOUDHARY SADAN, HAMIR COLONY MADANGANJ, KISHANGARH CUKE VS. INCOME TAX OFFICER, WARD-01, KISHANGARH LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN NO. ADPPC6470Q VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT STAY APPLICATION NO. 25/JP/2017 (ARISING OUT OF ITA NO. 868/JP/2017) FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2014-15 SHRI PRADEEP KUMAR CHOUDHARY CHOUDHARY SADAN, HAMIR COLONY MADANGANJ, KISHANGARH CUKE VS. DCIT WARD-01 KISHANGARH LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN NO. A ALPC7078H VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT 2 S.A NO. 28, 27, 26, 25/JP/2017 M/S ASMI STONEX, KISHANGARH VS. I.T.O, KISHANGARH FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY : SHRI S. L. PODDAR (ADVOCATE) JKTLO DH VKSJ LS@ REVENUE BY : SHRI VARINDRA MEHTA (CIT) LQUOKBZ DH RKJH[K@ DATE OF HEARING : 22/12/2017 ?KKS'K .KK DH RKJH[K@ DATE OF PRONOUNCEMENT : 22/12/2017 VKNS'K@ ORDER PER: VIKRAM SINGH YADAV, A.M. THESE STAY PETITIONS HAVE BEEN FILED BY THE RESPEC TIVE ASSESSES AGAINST THE ORDERS PASSED BY THE ASSESSING OFFICER U/S 143(3) O F THE ACT IN RESPECT OF ASSESSMENT YEAR 2014-15 RAISING TAX AND CONSEQUENT INTEREST DEMAND AGAINST THE RESPECTIVE ASSESSES. 2. THE LD. AR SUBMITTED THAT IN CASE OF M/S ASMI ST ONEX, THE REVENUE AUTHORITIES HAVE CARRIED OUT SURVEY OPERATIONS AT T HE PREMISES OF THE ASSESSEE GROUP AND BASIS THE STATEMENT OF THE ASSESSES RECORDED U/ S 131 OF THE ACT, AN ADDITION OF RS. 1,99,37,946/- WAS MADE ON ACCOUNT OF EXCESS STO CK FOUND DURING THE COURSE OF SURVEY. SIMILARLY, IN CASE OF SHRI TILAK CHOUDHARY, ADDITION OF RS. 37,35,072/- WAS MADE ON ACCOUNT OF EXCESS STOCK FOUND DURING THE CO URSE OF SURVEY AND ON THE BASIS OF STATEMENT RECORDED U/S 131 OF THE ACT. IN CASE O F SMT. KUSUM CHOUDHARY, ADDITION OF RS. 1,05,24,000/- HAS BEEN MADE ON ACCO UNT OF EXCESS STOCK OF RS. 32,64,000/- AND ON ACCOUNT OF UNDISCLOSED DEBTORS O F RS. 72,60,000/- AND IN CASE OF SHRI PRADEEP KUMAR CHOUDHARY, ADDITION OF RS. 55,80 ,000/- HAS BEEN MADE ON ACCOUNT OF SURVEY ADVANCES FOUND IN THE NOTE BOOK D URING THE COURSE OF SURVEY. 3. THE LD AR SUBMITTED THAT IN ALL THESE CASES, ADD ITION HAS BEEN MADE ON WRONG VALUATION AND BIFURCATION BY THE SURVEY TEAM AND TH E ASSESSEE IS HOPEFUL THAT THE MATTER WOULD BE DECIDED IN FAVOUR OF THE ASSESSEE. THE LD. AR FURTHER SUBMITTED THAT RESPECTIVE ASSESSES HAVE ALREADY DEPOSITED APPROXIM ATELY 20% OF THE TOTAL TAX AND INTEREST AMOUNT AND THE BALANCE DEMAND MAY KINDLY B E STAYED TILL DISPOSAL OF THE APPEAL. 3 S.A NO. 28, 27, 26, 25/JP/2017 M/S ASMI STONEX, KISHANGARH VS. I.T.O, KISHANGARH 4. THE LD. DR OPPOSED THE STAY PETITION FILED BY TH E RESPECTIVE ASSESSES AND SUBMITTED THAT INSTEAD OF STAYING THE BALANCE DEMAN D, THE ASSESSEES MAY BE DIRECTED TO DEPOSIT THE BALANCE DEMAND IN INSTALLME NTS. 5. AFTER HEARING BOTH THE PARTIES AND PURSUING THE MATERIAL AVAILABLE ON RECORD, WE FIND THAT RESPECTIVE ASSESSES HAVE DEPOSITED TAX ES ONLY TO AN EXTENT OF 18 -21% OF THE TOTAL TAX DEMAND AS PER DETAILS BELOW. THE LD AR HAS SUBMITTED THAT IN SIMILAR MATTER IN CASE OF SHRI ARIHANT CHOUDHARY (SA NO 24/ JP/17), THE COORDINATE BENCH HAS ACCEPTED THE ASSESSEES REQUEST FOR DEPOSIT OF 50% OF TAX DEMAND IN INSTALLMENTS AND GIVEN THAT UNDER THE IDENTICAL FAC T AND CIRCUMSTANCES OF THE CASE, THE PRESENT STAY MATTERS HAVE ARISEN, IT WAS REQUES TED THAT THE RESPECTIVE ASSESSEE MAY BE GRANTED STAY ON DEPOSIT OF 50% OF TAX DEMAND . THE LD DR HAS NOT RAISED ANY SPECIFIC OBJECTIONS TO THE SAME. IN VIEW OF TH E SAME, WE HEREBY DIRECT THE RESPECTIVE ASSESSES TO DEPOSIT 50% OF THE TOTAL TAX AND INTEREST AMOUNT TAKING INTO ACCOUNT THE TAXES ALREADY DEPOSITED PURSUANT TO DEM AND SO RAISED AS PER DETAILS BELOW:- NAME OF ASSESSEE TOTAL TAX DEMAND (INCLUDING INTEREST (RS.) 50% TOTAL TAX DEMAND (RS.) TOTAL TAX ALREADY DEPOSITED (RS.) BALANCE TAX DEMAND TO BE DEPOSITED NOW (RS.) M/S ASMI STONEX 7855321/ - 3927660/ - 1687000 / - (21.47%) 2240660 / - SMT. KUSUM CHOUDHARY 5291469/ - 2645735/ - 976000 / - (18.44%) 1669735 / - SHRI TILAK CHOUDHARY 1173663/ - 586832/ - 241279 / - (20.56%) 345553 / - SHRI PRADEEP KUMAR CHOUDHARY 2807618/ - 1403809/ - 514000 / - (18.30%) 889809 / - 10. THE BALANCE TAX DEMAND AS DETERMINED ABOVE SHAL L BE DEPOSITED IN THREE EQUAL INSTALLMENTS BY THE RESPECTIVE ASSESSES, AND THE BALANCE DEMAND IS STAYED TILL 4 S.A NO. 28, 27, 26, 25/JP/2017 M/S ASMI STONEX, KISHANGARH VS. I.T.O, KISHANGARH 28 TH FEB OR TILL DISPOSAL OF THE APPEALS, WHICHEVER IS EARLIER. THE APPEALS ARE ALREADY LISTED FOR HEARING ON 31.1.18 AND IN CASE THE ASSES SEE SEEKS ANY ADJOURNMENT OF HEARING SO SCHEDULED WITHOUT SHOWING ANY REASONABLE CAUSE, THE STAY GRANTED BY US SHALL STAND VACATED. ALL THE STAY PETITION OF THE RESPECTIVE ASSESSES AR E DISPOSED OF WITH ABOVE DIRECTIONS. ORDER PRONOUNCED IN THE OPEN COURT ON 22/12/2017. SD/- SD/- DQY HKKJR FOE FLAG ;KNO (KUL BHARAT) (VIKRAM SINGH YADAV) U;KF;D LNL;@ JUDICIAL MEMBER YS[KK LNL;@ ACCOUNTANT MEMBER JAIPUR DATED:- 22/12/2017. GANESH KR. VKNS'K DH IZFRFYFI VXZSF'KR@ COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT- M/S ASMI STONEX, SMT. KUSUM CHOUDHA RY, SHRI TILAK CHOUDHARY, SHRI PRADEEP KUMAR CHOUDHARY 2. THE RESPONDENT INCOME TAX OFFICER 3. THE CIT(A). 4. THE CIT, 5. THE DR, ITAT, JAIPUR 6. GUARD FILE ( S.A NO. 28, 27, 26, 25/JP/2017 ) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASSISTANT. REGISTRAR 5 S.A NO. 28, 27, 26, 25/JP/2017 M/S ASMI STONEX, KISHANGARH VS. I.T.O, KISHANGARH