SUNDARAM FASTENERS LTD.,CHENNAI V. .ITO, CORPORATE WARD-6(1), CHENNAI

SA 87/CHNY/2024

AI Insights

The case involves M/s. Sundaram Fasteners Ltd., who filed a stay application against an outstanding tax demand of Rs.89,27,978 for the Assessment Year 2021-22. The demand was part of a final assessment order which totaled Rs.1,11,59,976, of which the assessee had already paid Rs.22,31,998. The Tribunal noted that two of the three issues leading to the demand were previously decided in favor of the assessee, and the third issue was similarly covered by a prior Tribunal order. The Departmental Representative did not contest the assessee's submissions but opposed the stay.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 29887 (ITAT-CHENNAI)
• Appeal Type: Stay Application
• Pronouncement Date: 27-12-2024
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Assessment Year: 2021-2022
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M.P. GURUPRASAD
• Assessee Lawyers: VIKRAM VIJAYARAGHAVAN
• Keywords: Application of stay

Judgement Text

" आयकर अपीलीय अिधकरण, ‘डी’ \u000fा यपीठ, चे\u0014ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH: CHENNAI \u0017ी एबी टी. वक , \u000fा ियक सद एवं \u0017ी जगदीश, लेखा सद क े सम& BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI JAGADISH, ACCOUNTANT MEMBER 'े या िचका सं. / S.A No.87/Chny/2024 (arising out of IT(TP)A No.92/Chny/2024) िनधा *रण वष* / Assessment Year: 2021-22 M/s. Sundaram Fasteners Ltd., No.98-A, 7th Floor, Auras Corporate Centre, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004. Vs. The Income Tax Officer, Corporate Ward-6(1), Chennai. [PAN: AAACS 8779D] (अपीलाथ\u0007/Appellant) (\b यथ\u0007/Respondent) अपीला थ की ओर से/ Appellant by : Shri Vikram Vijayaraghavan, Advocate ./थ की ओर से /Respondent by : Shri M.P. Guruprasad, Addl. CIT सुनवा ई की ता रीख/Date of Hearing : 27.12.2024 घोषणा की ता रीख/Date of Pronouncement : 27.12.2024 आदेश / O R D E R PER JAGADISH, A.M : This is a stay application preferred by the assessee requested for stay of outstanding demand of Rs.89,27,978/- for the Assessment Year 2021-22. SA No.87/Chny/2024 (AY 2021-22) (Arising in IT(TP)A No.92/Chny/2024) :- 2 -: 2. At the outset, the Ld. A.R of the assessee brought to our notice that pursuant to the final assessment order passed by the A.O, the demand raised is to the tune of Rs. 1,11,59,976/- and the assessee has remitted more than 20% i.e., Rs. 22,31,998/-. The Ld. AR has also brought to our notice that the demand/additions have arisen from three issues, of which two are covered in favour of the assessee in the assessee’s own case, and the remaining one issue is covered in favour of the assessee by the order of this Tribunal in a similar matter. Therefore, according to him, balance of convenience is in the assessee’s favour. Hence pleads for stay of the balance outstanding demand. 3. Per contra, the Ld. Departmental Representative could not controvert the aforesaid submissions of the assessee but resisted the demand of stay. 4. Having heard both the sides and after perusal of the records, we note that the assessee has remitted 20% of the demand and from the discussion (supra) we are of the view that the assessee has made out a prima facie case and the balance of convenience is SA No.87/Chny/2024 (AY 2021-22) (Arising in IT(TP)A No.92/Chny/2024) :- 3 -: in favour of it. Therefore, we are inclined to grant stay of the balance/outstanding demand and direct the appeal to be fixed for hearing on 08.01.2025 and the assessee would not seek adjournment without just cause. The stay is granted for six months or till the appeal is heard whichever is earlier. In view of the above, the stay application filed by the assessee is allowed on the aforesaid terms. 5. In the result, the stay application filed by the assessee is allowed. Order pronounced on 27th December, 2024. Sd/- Sd/- (एबी टी. वक ) (ABY. T. Varkey) \u000fाियक सद / Judicial Member (जगदीश) (Jagadish) लेखा सद /Accountant Member चे\u0010नई/Chennai, \u0013दनांक/Dated: 27th December, 2024. EDN/- आदेश क\u0016 \bितिल\u0019प अ\u001aे\u0019षत/Copy to: 1. अपीलाथ\u0007/Appellant 2. \b थ\u0007/Respondent 3. आयकर आयु\u000f/CIT, Chennai 4. िवभागीय \bितिनिध/DR 5. गाड\u0018 फाईल/GF SA No.87/Chny/2024 (AY 2021-22) (Arising in IT(TP)A No.92/Chny/2024) :- 4 -: "