M/s Keshodwala Foods, Veraval V. The Asstt. Commr. of Income Tax, Cen. Cir.-2, RAJKOT-GUJARAT

SA 6/RJT/2017

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6484 (ITAT-RAJKOT)
• Duration Of Justice: 1 year(s) 11 month(s) 27 day(s)
• Appeal Type: Income Tax (International Taxation) Appeal
• Pronouncement Date: 04-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2014-2015
• Appeal Filed On: 08-05-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: MJ RANPURA
• Keywords: Application of stay
• Section: 153A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH, RAJKOT [CONDUCTED THROUGH E-COURT AT AH MEDABAD] (BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMBER) S. P. NOS: 5 TO 7/RJT/2017 (IN ITA NOS. 147 TO 149/RJT/2017) (ASSESSMENT YEARS: 2013-14 TO 2015-16) M/S. KESHODWALA FOODS 305-306, GIDC ESTATE, VERAVAL V/S THE A.C.I.T. CENTRAL CIRCLE-2, RAJKOT (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI M. J. RANPURA, A.R. RESPONDENT BY : SHRI YOGESH PANDEY, CIT/DR ( )/ ORDER DATE OF HEARING : 29 -05-201 7 DATE OF PRONOUNCEMENT : 31-05-2017 PER N.K. BILLAIYA, ACCOUNTANT MEMBER 1. WITH THESE APPLICATIONS, THE ASSESSEE HAS PRAYED TO STAY THE DEMAND ARISING OUT OF THE ASSESSMENT ORDERS FRAMED U/S. 14 3(3) R.W.S. 153A FOR A.YS. 2013-14 TO 2015-16. SINCE, THE IMPUGNED ISSUE S ARE INTER-CONNECTED S. A NOS. 5 TO 7/RJT/2017 (IN ITA NOS. 1 47 TO 149/RJT/2017) . A.YS. 2013-1 4 TO 2015-16 2 AND INTER-RELATED, THEREFORE, ALL THESE STAY PETITI ONS WERE HEARD TOGETHER AND ARE DISPOSED OF BY THIS COMMON ORDER. 2. THE FACTUAL MATRIX RELATING TO THE RETURNED INCOME AND THE ASSESSED INCOME AND THE DEMAND RAISED QUA THE ASSESSMENT ORDERS CAN BE UNDERSTOOD BY THE FOLLOWING CHART:- KESHODWALA FOODS, VERAVAL SUMMARY OF TAX CALCULATION AFTER GIVING EFFECT OF C IT(A)S ORDER AND AD - HOC INCOME DECLARED IN RETURN OF INCO ME FIELD U/S. 153A OF I.T. ACT, 1961 A.Y RETURNED INCOME (A) ADDITIONS MADE (B) ASSESSED INCOME (C) ADDITION RETAINED BY CIT(A) (D) RECTIFIABLE ISSUES (E) INCOME FINALLY DETERMINABLE (F) TAX PAYABLE ON (F) [A + D- E=F] TAXES PAID/REFUND ADJUSTED TILL 27.05.2017 BALANCE TAX PAYABLE 2013- 14 3,54,27,412 67564859 711076271 67564855 17500000 85 492267 24678487 1409287 23269100 2014 - 15 49454034 875595878 925049912 94671060 17500000 126625094 38726400 7600000 31126400 2015 - 16 43599280 603127871 64672715 1 51652600 12500000 82751880 18338770 6600000 11738770 128480726 2154372608 2282853334 213888515 47500000 294869241 81743657 15609287 66134270 3. A PERUSAL OF THE AFOREMENTIONED CHART SHOWS THAT TH E ASSESSEE HAS ALREADY PAID ABOUT 19% OF THE TAX PAYABLE AFTER GIVING THE APPEAL EFFECT TO THE ORDER OF THE FIRST APPELLATE AUTHORITY. 4. WE HAVE GIVEN A THOUGHTFUL CONSIDERATION TO THE ORD ERS OF THE AUTHORITIES BELOW QUA THE CONTENTIOUS ISSUES. IN OUR CONSIDERE D OPINION, A FURTHER PAYMENT OF RS. 30 LACS SHOULD SUFFICE FOR STAYING O F THE BALANCE DEMAND. WE, THEREFORE, DIRECT THE ASSESSEE TO PAY 30 LACS I N THREE INSTALLMENTS. THE FIRST INSTALLMENT SHALL BE PAID ON OR BEFORE 25 TH JUNE, THE SECOND INSTALLMENT ON OR BEFORE 25 TH JULY AND THE THIRD INSTALLMENT ON OR BEFORE 25 TH AUGUST 2017. S. A NOS. 5 TO 7/RJT/2017 (IN ITA NOS. 1 47 TO 149/RJT/2017) . A.YS. 2013-1 4 TO 2015-16 3 5. SUBJECT TO THE ABOVE PAYMENTS, THE BALANCE DEMAND I S STAYED FOR A PERIOD OF 180 DAYS OR TILL THE DISPOSAL OF THE APPEAL. IF THE ASSESSEE FAILS TO PAY THE FIRST INSTALLMENT AS PER THE AGREED TIME SCHEDULE, THE STAY SHALL BE DEEMED TO BE VACATED AND THE REVENUE WILL BE FREE TO TAKE ANY ACTION AS PER THE PROVISIONS OF THE LAW. IT IS FURTHER DIRECTED THAT THE ASSESSEE SHALL FILE THE NECESSARY PAPER BOOK IN TIME AND WILL NOT TAKE AN A DJOURNMENT. THE REGISTRY IS DIRECTED TO POST THE APPEALS FOR HEARIN G ON 11 TH SEPTEMBER, 2017. THE LD. COUNSEL HAS WAIVED THE RIGHT TO SERVI CE OF NOTICE. 6. IN THE RESULT, THE IMPUGNED STAY APPLICATIONS ARE A LLOWED AS PER ABOVE DIRECTIONS. ORDER PRONOUNCED IN OPEN COURT ON 31 - 05 - 2 017 (MAHAVIR PRASAD) (N. K. BILLAIYA) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD: DATED: 31/05/2017 RAJESH COPY OF THE ORDER FORWARDED TO: - 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT (APPEALS) 4. THE CIT CONCERNED. 5. THE DR., ITAT, AHMEDABAD. 6. GUARD FILE. BY ORDER DEPUTY/ASSTT.REGISTRAR ITAT, RAJKO T