M/S KASAT BUILDERS & CONSTRUCTION PVT LTD, Akola V. A.C.I.T, AKOLA CIRCLE, Akola

SA 5/NAG/2016

• Counselvise Citation: [2014] 117 COUNSELVISE.COM (IT) 8899 (ITAT-NAGPUR)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 23-10-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2013-2014
• Appeal Filed On: 26-10-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A R NINAWE
• Assessee Lawyers: ASHISH BAHETI
• Keywords: Application of stay

Judgement Text

1 S.A. NO. 05/NAG/2016. IN THE INCOME TAX APPELLATE TRIBUNAL, NAGPUR BENCH, NAGPUR BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER.. S.A. NO. 05/NAG/2016 (IN ITA NO. 505/NAG/2016 ASSESSMENT YEAR : 2013 - 14. KASAT BUILDERS & CONSTRUCTION P.LTD., ASSTT. COMMISSIONER OF INCOME - TAX, AKOLA. VS. AKOLA CIRCLE, AKOLA. APPLICANT. RESPONDENT. APPLICANT BY : SHRI ASHISH BAHETI. RESPONDENT BY : SHRI A.R. NINAWE. DATE OF HEARING : 25 - 11 - 2016 DATE OF PRONOUNCEMENT : 25 TH NOV.., 2016 O R D E R. PER SHAMIM YAHYA : BY WAY OF THIS STAY PETITION ASSESSEE SEEKS STAY OF OUTSTANDING DEMAND OF TAX OF RS.2 0,80,670/ - FOR ASSESSMENT YEAR 2013 - 14. 2. WE HAVE HEARD BOTH THE COUNSEL AND PERUSED THE RECORDS. 3. LEARNED COUNSEL OF THE ASSESSEE SUBMITTED THAT IN THE ASSESSMENT ORDER THE ASSESSING OFF ICER HAD MADE AN ADDITION OF RS.2,61,70,680/ - U/S 68 OF THE INCOME - TAX ACT , BEING BOOKING ADVANCE RECEIVED FROM NINE PARTIES. 4. UPON ASSESSEES APPEAL, LEARNED CIT(APPEALS) HAD DELETED ALL THE ADDITIONS EXCEPT ONE. THAT THE FACTS AND CIRCUMSTANCES OF THE OTHER ADDITIONS ARE SIMILAR, HENCE LEARNED CIT(APPEALS) ERRED IN SUSTAINING THIS ADDITION. HENCE LEARNED COUNSEL PRAYED THAT ASSESSEE HAS A PRIMA FACIE CASE AND THE ASSESSEES FINANCIAL POSITION IS VERY WEAK, HENCE STAY SHOULD BE GRANTED. 2 S.A. NO. 05/NAG/2016. 5. PER CONTRA LEA RNED D.R. SUBMITTED THAT ABSOLUTELY STAY SHOULD NOT BE GRANTED BUT THE ASSESSEE SHOULD BE ASKED TO MAKE SOME TAX PAYMENTS. 6. UPON CAREFUL CONSIDERATION WE FIND THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE , ASSESSEE DESERVES A CONDITIONAL STAY. HENCE WE DIRECT THAT ASSESSEE SHOULD PAY A SUM OF RS.5,00,000/ - WITHIN 30 DAYS. ON THIS CONDITION THE STAY PETITION IS ALLOWED AND ASSESSEE IS GRANTED STAY OF DEMAND FOR A PERIOD OF SIX MONTHS. 7. IN THE RESULT, THIS STAY PETITION BY THE ASSESSEE IS ALLOWED IN TER MS OF ABOVE. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 25 TH DAY OF NOV., 2016. SD/ - SD/ - (RAM LAL NEGI) ( SHA MIM YAHYA) JUDICIAL MEMBER. ACOUNTANT MEMBER. NAGPUR, DATED: 25 TH NOV. , 2016. COPY FORWARDED TO : 1. KASAT BUILDER & CONSTRUCTION P. LTD. PADIYA COMPLEX, STATION ROAD, TOWER SQUARE, AKOLA. 2. A.C.I.T., AKOLA CIRCLE, AKOLA. 3. C.I.T. - I, NAGPUR. 4. CIT(APPEALS), - I, NAGPUR. 5. D.R., ITAT, NAGPUR. 6. GUARD FILE TRUE COPY BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, NAGPUR BENCH, NAGPUR. WAKODE.