M/s HPCL MITTAL ENERGY LTD, Bathinda V. The Assistant commissioner of Income Tax, Bathinda

SA 6/ASR/2017

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 3302 (ITAT-AMRITSAR)
• Duration Of Justice: 2 year(s) 1 month(s) 5 day(s)
• Appeal Type: Income Tax (International Taxation) Appeal
• Pronouncement Date: 20-04-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2008-2009
• Appeal Filed On: 15-03-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: SHSHIL KUMAR GUPTA DY MD
• Keywords: Application of stay

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR BEFORE SH T.S. KAPOOR, ACCOUNTANT MEMBER AND SH. N.K. CHOUDHRY, JUDICIAL MEMBER S.A. NOS. 06 & 07(ASR)/2017 (ARISING OUT OF ITA NOS.554 & 555(ASR)/2014) ASSESSMENT YEARS:2008-09 & 2009-10 HPCL MITTAL ENERGY LIMITED VILLAGE PHULOKHARI, THE: TALWANDI SABO, DISTT. BATHINDA, PUNJAB-151301 PAN:AABCG5231F VS. ACIT, CIRCLE-1 BHATINDA. (APPELLANT) (RESPONDENT) APPELLANT BY: SH. SHSHIL KUMAR GUPTA ( DY. MD) RESPONDENT BY: SH. RAHUL DHAWAN (DR) DATE OF HEARING: 24.03.2017 DATE OF PRONO UNCEMENT:24.03.2017 ORDER PER N.K.CHOUDHRY (JM): IN THE INSTANT APPEAL, THE STAY WAS FURTHER EXTENDE D VIDE ORDER DATED 17.02.2017 FOR A PERIOD OF ONE MONTH SUBJECT TO CONDITION THAT THE ASSESSEE WILL FURNISH A COPY OF RESOLUTION PASSED BY BOA RD AUTHORIZED MANAGING DIRECTOR OF THE COMPANY TO FURNI SH UNDERTAKING TO THE DEPARTMENT FOR NON DISPOSING OF ASSETS TILL THE D ISPOSAL OF APPEALS WITHIN A PERIOD OF 15 DAYS. THE ASSESSEE SHALL ALSO FURNISH UNDERTAKING SIGNED BY MANAGING DIRECTOR. 2. ON THE DATE OF HEARING, I.E. 24 TH MARCH, 2017, THE AR OF THE ASSESSEE DRAWN OUR ATTENTION TO THE LETTER ADDRESSED TO T HE S.A NOS.06 & 07(ASR)/2017 AR ISING OUT OF ITA NOS.554 & 555(ASR)/2014 ASSESSMENT YEARS: 2008-09 & 2009-10 2 COMMISSIONER OF INCOME TAX, CIRCLE-1, CENTRAL REVENUE B UILDING, CIVIL LINES, BTHINDA, TO THE EFFECT THAT THE ASSESSEE IS FACING P RACTICAL PROBLEM IN ARRANGING BOARD MEETING AND PASSING RESOLU TION WITH IN TIME PERIOD PRESCRIBED UNDER THE ORDER PASSED BY THE I TAT, THEREFORE, THE ASSESSEE HAS ARRANGED BANK GUARANTEE TO THE TUNE OF RS.13,53,68,752/- BEING TOTAL OUTSTANDING DEMAND FOR ASST. YEAR:2008-09 & 2009-10 WITHIN A PERIOD OF 15 DAYS OF THE ORDER IN FAVOUR OF THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCL E-I, CR BUILDING, CIVIL LINES, BATHINDA. THE ASSESSEE HAS ALSO DRA WN OUR ATTENTION TO THE BANK GUARANTEE DATED 3 RD MARCH, 2017 GIVEN BY SYNDICATE BANK, NEHRU PALACE, NEW DELHI, IN FAVOUR OF THE AFORESAID INCOME TAX AUTHORITY. 3. THE LD. DR DID NOT RAISE ANY OBJECTION AND CONFIRMED THE EXECUTION AND ACCEPTANCE OF BANK GUARANTEE BY THE ASSESSEE OF THE OUTSTANDING DEMAND AMOUNTING TO RS.13,53,68,752/-. 4. CONSIDERING THE FACTS AND CIRCUMSTANCES OF THE CASE AND AL SO AS THE ASSESSEE HAS SECURED THE OUTSTANDING DEMAND BY THE PRO DUCING BANK GUARANTEE. THEREFORE, IN THE INTEREST OF JUSTICE, THE STAY IS FURTHER EXTENDED FOR A PERIOD OF SIX MONTHS OR TILL FINAL DISPOSAL OF THE APPEAL, WHICHEVER IS EARLIER. S.A NOS.06 & 07(ASR)/2017 AR ISING OUT OF ITA NOS.554 & 555(ASR)/2014 ASSESSMENT YEARS: 2008-09 & 2009-10 3 HOWEVER, THE PARTIES ARE DIRECTED TO MAKE SINCERE AND D ILIGENT EFFORTS TO GET DISPOSED OFF APPEAL UNDER CONSIDERATION B Y APPROACHING THE HONBLE PRESIDENT OF ITAT FOR APPOINTMENT OF THIR D MEMBER (JUDGE). 5. IN VIEW OF THE ABOVE, THE STAY APPLICATIONS FILED BY ASSESSEE ARE ALLOWED IN THE MANNER AS STATED ABOVE. ORDER PRONOUNCED IN THE OPEN COURT ON 24. 03.2017. SD/- SD/- (T. S. KAPOOR) (N.K.CHOUDHRY) ACCOUNTANT MEMBER JUDICI AL MEMBER DATED:24.03.2017. /PK/ PS. COPY OF THE ORDER FORWARDED TO: (1) THE ASSESSEE: (2) THE (3) THE CIT(A), (4) THE CIT, (5) THE SR DR, I.T.A.T., TRUE COPY BY ORDER