Grandhi Sri Venkata Amarendra, Eluru V. ACIT, Central Circle-1, Visakhapatnam

SA 8/VIZ/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 3971 (ITAT-VISAKHAPATNAM)
• Duration Of Justice: 1 year(s) 1 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2014-2015
• Appeal Filed On: 09-03-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DEBA K SONOWAL
• Keywords: Application of stay
• Section: 143(3)

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM . , . . , BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER & SHRI D.S. SUNDER SINGH , ACCOUNTANT MEMBER S.P .NO. 08 /VIZ/ 201 8 (ARISING OUT OF I.T.A.NO.24/VIZ/2018) ( / ASSESSMENT YEAR: 20 14 - 1 5 ) G RANDHI SRI VENKATA AMARENDRA VAIBHAV JEWELLERS MAIN BAZAR ELURU [PAN : A B IPA7175R ] VS. ADDL.COMMISSIONER OF INCOME TAX CENTRAL CIRCLE - 1 VI SAKHAPATNAM ( / APPELLANT) ( / RESPONDENT) / APPELLANT BY : SHRI G.V.N.HARI , AR / RESPONDENT BY : SHRI D EBA K.SONOWAL , DR / DATE OF HEARING : 0 6 . 04. 201 8 / DATE OF PRONOUNCEMENT : 11 . 0 4 .201 8 / O R D E R PER D.S. SUNDER SINGH , ACCOUNTANT MEMBER : THE ASSESSEE HAS FILED STAY PETITION TO KEEP THE OUTSTANDING DEMAND OF RS.54,08,370/ - IN ABEYANCE FOR THE ASSESSMENT YEAR 2014 - 15. IN THIS CASE, THE ASSESSMENT WAS COMPLETED U/S 143(3) ON TOTAL INCOME OF 2 S.P. NO .08 /VIZ/201 8 G RANDHI SRI VENKATA AMARENDRA, ELURU RS.5,69,34,267/ - AGAINST THE RETURNED INCOME OF RS.2,60,44,600/ - . THE ASSESSING OFFICER(AO) RAISED THE DEMAND OF RS. 1,47,98,260/ - AGAINST WHICH THE ASSESSEE MADE THE PAYMENT OF RS.1,18,89,017/ - AND ALSO REQUESTED FOR ADJUSTMENT OF REFUND OF RS.18,43,320/ - . THUS T HE ASSESSEE REQUESTED FOR STAY OF THE BALANCE AMOUNT OF DEMAND TILL DISPOSAL OF APPEAL AND AL SO SUBMITTED THAT HE IS HAVING FAIR CHANCES FOR SUCCEEDING IN APPEAL ON FACTS AND LAW . 2. ON THE OTHER HAND, LD.DR OPPOSED FOR GRANT OF STAY OF DEMAND. 3. WE HAVE HEARD BOTH THE PARTIES AND GONE THROUGH THE SUBMISSIONS MADE BY BOTH THE PARTIES. IN THIS CASE, THE ASSESSEE ADMITTED THE RETURN ED INCOME OF RS.2,60,44,600/ - AND THE INCOME ASSESSED WAS RS .5,69,34,267/ - WHICH IS MORE THAN TWO TIMES OF THE INCOME RETURNED. THE ASSESSEE HAS PAID THE DEMAND OF RS.1,18,89,017/ - WHICH IS MORE THAN 60% OF THE OUTSTANDING DEMAND AND REQUESTED FOR ADJUSTMENT OF REFUND RELATING TO THE ASSESSMENT YEAR 2013 - 14 AMOUNTING TO RS.18,43,320/ - . THEREFORE, A FTER CONSIDERING THE SUBMISSIONS MADE BY THE ASSESSEE AND ON PERUSAL OF RECORDS, WE HOLD THAT IT IS A FIT C ASE FOR GRANT OF STAY OF DEMAND . A CCORDINGLY, THE OUTSTANDING DEMAND IS STAYED FOR A PERIOD OF 90 DAYS AND 3 S.P. NO .08 /VIZ/201 8 G RANDHI SRI VENKATA AMARENDRA, ELURU THE CASE IS POSTED FOR HEARING ON 07.06.20 18. IN CASE, THE ASSESSEE SEEKS ADJOURNMENT ON THE DATE OF HEARING, THE STAY GRANTED TO THE ASSES SEE STANDS AUTOMATICALLY WITHDRAWN AND THE DEPARTMENT IS FREE TO COLLECT THE DEMAND. 4 . IN THE RESULT, STAY APPLICATION FILED BY THE ASSESSEE IS ALLOWED. TH E ABOVE ORDER WAS PRONOUNCED IN THE OPEN COURT ON 11 TH APR , 20 1 8 . SD/ - SD/ - ( . ) ( . . ) (V. DURGA RAO) ( D.S. SUNDER SINGH ) /JUDICIAL MEMBER /ACCOUNTANT MEMBER /VISAKHAPATNAM /DATED : 11 .0 4 .2018 L.RAMA, SPS 4 S.P. NO .08 /VIZ/201 8 G RANDHI SRI VENKATA AMARENDRA, ELURU / COPY OF THE ORDER FORWARDED TO: - 1. / THE APPELLANT - G RANDHI SRI VENKATA AMARENDRA VAIBHAV JEWELLERS, MAIN BAZAR, ELURU 2 . / THE RESPONDENT - ADDL.COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1 , VI SAKHAPATNAM 3 . THE PR. COMMISSIONER OF INCOME TAX (CENTRAL) , VI SAKHAPATNAM 4. THE COMMISSIONER OF INCOME - TAX(APPEALS) - 3 , VISAKHAPATNAM 5 . , , / DR, ITAT, VISAKHAPATNAM 6. / GUARD FILE / BY ORDER // TRUE COPY // SR. PRIVATE SECRETARY ITAT, VISAKHAPATNAM