MAA CHINNA CEMENT & ISPAT (P) LTD, HAZARIBAGH V. ACIT, Circle-2, RANCHI

SA 44/RAN/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 3476 (ITAT-RANCHI)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2015-2016
• Appeal Filed On: 07-05-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Application of stay
• Section: 234B; 20

Judgement Text

S.A. NO.44/RAN /2019 (IN ITA NO . 203/RAN/2019) A.Y. 20 15-2016 M/S. MAA CHINNA CEMENT & ISPAT PVT. LTD. 1 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA-RANCHI E-COURT, KOLKATA BEFORE SHRI P.M. JAGTAP, VICE-PRESIDENT (KZ) AND SHRI A.T. VARKEY, JUDICIAL MEMBER S.A. NO. 44/RAN/2019 (ARISING OUT OF I.T.A. NO. 203/RAN/2019) ASSESSMENT YEAR: 2015-2016 M/S. MAA CHINNA CEMENT & ISPAT PVT. LIMITED,....... ............APPLICANT HEHAL, BARKAKANA, RAMGARH-829103 [PAN: AADCM 9547 Q] -VS.- ASSISTANT COMMISSIONER OF INCOME TAX .............. ................RESPONDENT CIRCLE-2, RANCHI APPEARANCES BY: SHRI DEVESH PODDAR, ADVOCATE, FOR THE APPLICANT SHRI INDERJEET SINGH, CIT, D.R. , FOR THE RESPONDENT DATE OF CONCLUDING THE HEARING : MAY 17, 2019 DATE OF PRONOUNCING THE ORDER : MAY 17, 2019 O R D E R PER SHRI P.M. JAGTAP, VICE-PRESIDENT (KZ):- BY THIS STAY APPLICATION, THE ASSESSEE IS SEEKING STAY OF OUTSTANDING DEMAND OF RS.10,37,42,936/- FOR A.Y. 2015-16. 2. WE HAVE HEARD THE ARGUMENTS OF BOTH THE SIDES AN D ALSO PERUSED THE RELEVANT MATERIAL AVAILABLE ON RECORD. IT IS OBSERV ED THAT OUT OF THE TOTAL DEMAND OF RS.12,96,78,670/- AS ORIGINALLY RAISED FO R A.Y. 2015-16, THE ASSESSEE HAS ALREADY PAID RS.2,59,35,734/-. AS SUBM ITTED BY THE LD. COUNSEL FOR THE ASSESSEE, THE LD. CIT(APPEALS) HAS ALREADY GIVEN A PART RELIEF TO THE ASSESSEE AND AFTER GIVING APPEAL EFFE CT TO THE ORDER OF THE LD. CIT(APPEALS), THE OUTSTANDING DEMAND WOULD GET REDU CED BY ABOUT RS.1.6 CRORES. AS FURTHER POINTED OUT BY HIM, THE OUTSTAND ING DEMAND ALSO S.A. NO.44/RAN /2019 (IN ITA NO . 203/RAN/2019) A.Y. 20 15-2016 M/S. MAA CHINNA CEMENT & ISPAT PVT. LTD. 2 INCLUDES INTEREST OF RS.3.25 CRORES CHARGED UNDER S ECTION 234B AND SINCE THE ASSESSEE DESERVES TO GET RELIEF ON THIS ISSUE G OING BY THE DECISION OF THE HONBLE JHARKHAND HIGH COURT, THE DEMAND AS ORI GINALLY RAISED AT RS.12.97 CRORES IS BOUND TO COME DOWN TO RS.8.22 CR ORES SINCE THE ASSESSEE HAS ALREADY PAID RS.2.94 CRORES AGAINST TH E OUTSTANDING DEMAND, WHICH IS MORE THAN 30% OF THE DEMAND SO REDUCED AND THE ASSESSEE HAS A GOOD PRIMA FACIE ARGUABLE CASE ON MERIT TO SUCCEED IN ITS APPEAL FILED BEFORE THE TRIBUNAL AS CLAIMED BY THE LD. COUNSEL F OR THE ASSESSEE, WE ARE OF THE VIEW THAT THE BALANCE OF CONVENIENCE CLEARL Y LIES IN FAVOUR OF THE ASSESSEE AND IT IS A FIT CASE TO GRANT THE STAY OF OUTSTANDING DEMAND AS SOUGHT BY THE ASSESSEE VIDE THE PRESENT STAY APPLIC ATION. EVEN THE LD. D.R., WHO INITIALLY OPPOSED THE STAY APPLICATION FI LED BY THE ASSESSEE STRONGLY, HAS NOT BEEN ABLE TO DISPUTE THE FACTS AN D FIGURES AS DISCUSSED BY US WHILE COMING TO THE CONCLUSION THAT THE BALAN CE OF CONVENIENCE CLEARLY LIES IN FAVOUR OF THE ASSESSEE. WE, THEREFO RE, DIRECT THAT THE OUTSTANDING DEMAND IN THE PRESENT CASE BE STAYED FO R A PERIOD OF SIX MONTHS OR TILL THE DISPOSAL OF THE CORRESPONDING AP PEAL OF THE ASSESSEE BEING ITA NO. 203/RAN/2019 BY THE TRIBUNAL, WHICHEV ER IS EARLIER. THE REGISTRY IS DIRECTED TO FIX THE SAID APPEAL FOR HEA RING OUT OF TURN BEFORE THE NEXT TOURING BENCH/E-COURT. 3. IN THE RESULT, THE STAY APPLICATION OF THE ASSES SEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON MAY 17, 2019. SD/- SD/- (A.T. VARKEY) (P.M. JAGTAP) JUDICIAL MEMBER VICE -PRESIDENT (KZ) KOLKATA, THE 17 TH DAY OF MAY, 2019 COPIES TO : (1) M/S. MAA CHINNA CEMENT & ISPAT PVT. LIMITED, HEHAL, BARKAKANA, RAMGARH-829103 (2) ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-2, RANCHI S.A. NO.44/RAN /2019 (IN ITA NO . 203/RAN/2019) A.Y. 20 15-2016 M/S. MAA CHINNA CEMENT & ISPAT PVT. LTD. 3 (3) COMMISSIONER OF INCOME TAX (APPEALS)- , RAN CHI, (4) COMMISSIONER OF INCOME TAX- , (5) THE DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCHES, KOLKATA LAHA/SR. P.S.