Shri Shriram Toshniwal, Burhanpur V. ACIT, Khandwa

SA 7/Ind/2019

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 0417 (ITAT-INDORE)
• Duration Of Justice: 2 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-03-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2014-2015
• Appeal Filed On: 15-01-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: B J BORICHA
• Assessee Lawyers: MANISH VAID; PREETHI PATWA CAS
• Keywords: Application of stay

Judgement Text

SHRIRAM TOSHNIWAL SA NOS. 07/IND/2019 1 IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER S.A. NOS. 07/IND/2019 ARISING OUT OF I.T.A. NO. 02/IND/2019 ASSESSMENT YEARS: 2014-15 SHRIRAM TOSHINIWAL :: APPLICANT PROP.M/.GAYATRI ENTERPRISES, UDYOG NAGAR, BURHANPUR VS. ASSISTANT JOINT COMMISSIONER OF :: RESPONDENT INCOME TAX, KHANDWA. PAN: ABXPT0602K APPLICANT BY : SHRI MANISH VAID & MISS. PREETHI PATWA, CAS RESPONDENT BY : SHRI B.J. BORICHA , SR.D R DATE OF HEARING 23.01.2019 DATE OF PRONOUNCEMENT : 23.01.2019 O R D E R PER KUL BHARAT, J.M. THIS APPLICATION IS FILED BY THE ASSESSEE SEEKING S TAY OF THE DEMAND OF RS. 73,34,900/- FOR THE ASSESSMENT YEAR 2014-15. 2. LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ASS ESSEE HAS ALREADY PAID A SUO-MOTO PAYMENT OF RS.14,41,480/- O N 02.01.2017 SHRIRAM TOSHNIWAL SA NOS. 07/IND/2019 2 ABIDING BY THE CBDT CIRCULAR. THE ASSESSEE DOES NOT HAVE LIQUID FUNDS TO THE EXTENT OF RS.73,34,090/- AT PRESENT AN D PAYMENT OF SUCH A HUGE DEMAND WOULD ADVERSELY AFFECT THE BUSIN ESS. THEREFORE, THE ASSESSEE HAS NOW SOUGHT STAY OF DEMA ND TILL THE DISPOSAL OF CASE BY THE TRIBUNAL. 3. ON THE OTHER HAND, THE LD. DEPARTMENTAL REPRESENTAT IVE OPPOSED THE REQUEST BUT COULD NOT CONTROVERT THE ABOVE SUBM ISSION. 4. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE RECORDS PLACED BEFORE US. WE FIND THAT THE PRESENT STAY APP LICATION IS FOR THE STAY OF DEMAND AS ABOVE. CONSIDERING THE RIVAL SUBM ISSIONS, WE ARE OF THE CONSIDERED VIEW THAT THE PRESENT STAY APPLIC ATION DESERVES TO BE ALLOWED SUBJECT TO THE CONDITION THAT THE ASSESS EE WOULD PAY A SUM OF RS.7,00,000/- WITHIN TWO DAYS. SUBJECT TO TH E AFORESAID CONDITION, THE IMPUGNED TAX DEMAND SHALL REMAIN STA YED FOR 90 DAYS OR THE DISPOSAL OF APPEAL WHICHEVER IS EARLIER . THE REGISTRY IS DIRECTED TO FIX APPEAL AS PER EXTANT INSTRUCTIONS O N STAY GRANTED MATTERS. SHRIRAM TOSHNIWAL SA NOS. 07/IND/2019 3 5. THE STAY APPLICATION IS DISPOSED OFF ACCORDINGLY SUBJECT TO CONDITION HEREINABOVE. ORDER WAS PRONOUNCED IN THE OPEN COURT ON 23.01.2 019. SD/- SD/- (MANISH BORAD) (KUL BHARAT) ACCOUNTANT MEMBER JUDICIAL MEMBER INDORE: 23 RD JANUARY, 2019 /DEV COPY TO: ASSESSEE/AO/PR. CIT/ CIT (A)/ITAT (DR)/GUA RD FILE. BY ORDER ASSTT.REGISTRAR, I.T.A.T., INDORE