Zambad Jewellers Private Limited, Buldhana V. Income Tax Officer Khamgaon, Khamgaon

SA 6/NAG/2012

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 3202 (ITAT-NAGPUR)
• Duration Of Justice: 6 year(s) 10 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-04-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: Not Allotted
• Assessment Year: misc
• Appeal Filed On: 25-05-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: C G K NAIR
• Assessee Lawyers: S C THAKAR; C J THAKAR
• Keywords: Income from undisclosed sources; Application of stay

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, MUMBAI BEFORE SHRI D. MANMOHAN, VICE PRESIDENT AND SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER S.A.NO.6/NAG/2012 (ARISING OUT OF ITA NO.44/NAG/2012) (ASSESSMENT YEAR: 2007-08) M/S. ZAMBAD JEWELLERS PRIVATE LTD. INCOME TAX OFFI CER, ALANKAR, BHAGAVAN MAHAVIR MARG, NANDURA, DIST. BULDHANA (MS) 443404. KHAMGAON BULDHANA 444303. PAN: AAACZ1434G VS (APPELLANT) (RESPONDENT) APPELLANT BY: SHRI C.J. THAKAR & S.C. THAKAR RESPONDENT BY: SHRI C.G.K. NAIR DATE OF HEARING: 29.6.2012 DATE OF PRONOUNCEMENT: 29.6.2012 O R D E R PER B. RAMAKOTAIAH, A.M. BY THIS APPLICATION THE ASSESSEE SEEKS STAY OF COLL ECTION OF OUTSTANDING DEMAND PENDING DISPOSAL OF THE APPEAL AND ALSO REQU ESTS FOR POSTING THE APPEAL ON OUT OF TURN BASIS FOR THE REASONS STATED IN THE PETITION ACCOMPANYING THE STAY APPLICATION. 2. IN SHORT, THE CASE OF THE LEARNED COUNSEL FOR THE A SSESSEE IS THAT CONSEQUENT TO THE SURVEY CONDUCED UNDER SECTION 133 A OF THE ACT THE AO HAS PRIMA FACIE COME TO THE CONCLUSION THAT EXCESS STOC K OF GOLD AND SILVER ARE NOT PROPERTY ACCOUNTED FOR AND HENCE THE SAME HAS TO BE ASSESSED AS INCOME FROM UNDISCLOSED SOURCES. THE PLEA THAT THE IMPUGNED GOL D WAS PURCHASED FROM M/S. KHANDELWAL & KHANDELWAL JWELLERS AGAINST DELIV ERY MEMO BUT THEY REMAINED INCORPORATED IN THE BOOKS WAS REJECTED BY THE TAX AUTHORITIES ON THE GROUND THAT THIS EXPLANATION WAS NOT FORTHCOMING AT THE TIME OF SURVEY. 3. WE HAVE HEARD THE LEARNED COUNSEL FOR THE ASSESSEE AND THE LEARNED D.R. IN THIS REGARD. HAVING REGARD TO THE CIRCUMSTANCES OF THE CASE WE ARE OF THE VIEW THAT THOUGH THE ASSESSEE HAS A STRONG PRIMA FA CIE CASE ON MERITS THE FACT THAT THE STRONG CONCURRENT FINDINGS OF THE TAX AUTH ORITIES DESERVES TO BE TAKEN NOTE OF AND HENCE A FIT CASE FOR GRANTING OF STAY I .E., ASSESSEE SHOULD PAY A SUM OF ` 1,00,000/- ON OR BEFORE 20 TH OF JULY, 2012 AND SUBJECT TO THE PAYMENT THEREOF THE BALANCE OUTSTANDING DEMAND SHALL BE KEP T IN ABEYANCE SUBJECT TO ASSESSEE FURNISHING SURETY TO THE SATISFACTION OF T HE AO. IT IS NOT OUT PLACE TO NOTICE THAT ASSESSEE HAS PAID MORE THAN 60% OF THE TAX DEMAND (INCLUDING INTEREST COMPONENT). IN THE RESULT, AS PRONOUNCED I N THE OPEN COURT, THE REGISTRY IS DIRECTED TO POST THE APPEAL FOR FINAL H IRING ON 26.07.2012 BEFORE THE NAGPUR BENCH. SINCE THE DATE IS ANNOUNCED IN THE OP EN COURT, ISSUANCE OF NOTICE TO RESPECTIVE PARTIES IS DISPENSED WITH. 4. IN THE RESULT, THE STAY APPLICATION FILED BY THE AS SESSEE IS TREATED AS PARTLY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 29.06.2012 SD/- SD/- (D. MANMOHAN) (B. RAMAKOTAIAH) VICE-PRESIDENT ACCOUNTANT MEMBER DATED 29.06.2012 OKK COPY TO: 1. M/S. ZAMBAD JEWELLERS P. LTD., BULDHANA. 2. THE ITO, BULDHANA. 3. THE CONCERNED CIT(A) 4. THE CONCERNED CIT 5. THE DR CONCERNED. 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL, NAGPUR BENCH, NAGPUR