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

SA 86/CHNY/2024

AI Insights

This case involves a stay application by M/s. Sundaram Fasteners Ltd. against an outstanding tax demand of Rs.2,32,69,332 for the Assessment Year 2020-21. The demand arose from five issues, four of which had been previously decided in favor of the assessee, and one was covered by a similar Tribunal order. The assessee had already paid Rs. 58,17,334, which was more than 20% of the total demand. The Departmental Representative did not contest the submissions but opposed the stay. The Tribunal, after considering the submissions and the payments made by the assessee, decided to grant the stay and scheduled the hearing for the appeal.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 472180 (ITAT-CHENNAI)
• Appeal Type: Stay Application
• Pronouncement Date: 27-12-2024
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Assessment Year: 2020-2021
• 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.86/Chny/2024 (arising out of ITA No.2501/Chny/2024) िनधा *रण वष* / Assessment Year: 2020-21 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.2,32,69,332/- for the Assessment Year 2020-21. SA No.86/Chny/2024 (AY 2020-21) (Arising in ITA No.2501/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. 2,90,86,666/- and the assessee has remitted more than 20% i.e., Rs. 58,17,334/-. The Ld. AR has also brought to our notice that the demand/additions have arisen from five issues, of which four 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. Therefore, he pleads for stay of the remaining 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 SA No.86/Chny/2024 (AY 2020-21) (Arising in ITA No.2501/Chny/2024) :- 3 -: has made out a prima facie case and the balance of convenience is in favour of it. Therefore, we are inclined to grant stay of the balance/outstanding demand and direct the appeal to be listed for hearing on 08.01.2025 and the assessee shall 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/- SA No.86/Chny/2024 (AY 2020-21) (Arising in ITA No.2501/Chny/2024) :- 4 -: 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 "