Income Tax Appellate Tribunal - Indore
M/S. Pumarth Properties & Holdings Pvt. ... vs The Acit (Central) I, Indore on 20 August, 2018
Pumarth Properties & Holding Pvt. Ltd
SA Nos. 46/Ind/2018
IN THE INCOME TAX APPELLATE TRIBUNAL,
INDORE BENCH, INDORE
BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER
AND
SHRI MANISH BORAD, ACCOUNTANT MEMBER
S.A. No. 46/Ind/2018
I.T.A. No. 291/Ind/2017
Assessment Year: 2012-13
M/s.Pumarth Properties :: Applicant
& Holding Pvt.Ltd.,
Indore.
vs.
Assistant Commissioner of :: Respondent
Income -tax,
Central (1),
Indore.
PAN: AACCP0838Q
Applicant by : Shri Sumit Nema, Sr.Advocate
with
Shri Gagan Tiwari, Adv .
Respondent by : Shri R.P. Mourya,Sr.DR
Date of hearing 20.08.2018
Date of pronouncement : 20.08.2018
ORDER
PER MANISH BORAD, A.M. :
This application is filed by the assessee seeking stay of the demand of Rs. 84,35,000/- on account of penalty levied u/s 271AAB of the Income-tax Act, 1961.
1 Pumarth Properties & Holding Pvt. Ltd SA Nos. 46/Ind/2018
2.. Ld. Counsel for the assessee submitted that the assessee as per orders of Hon'ble Tribunal vide order No.SA 13/Ind/2018 dated 22.03.2018 has granted stay of demand for 90 days or disposal of appeal whichever is earlier subject to payment of Rs.2,50,000/- before 31.03.2018. Accordingly the assessee had paid a sum of Rs. 2,50,000/- on 31/03/2018 and complied other conditions mentioned in the order. However the matter could not be disposed off within the stipulated period of 90 days as the matter was fixed for hearing last on 02.08.2018 and was adjourned to 11.09.2018 on the request of revenue. The assessee has now sought extension of the above stay demand till the disposal of case by the Tribunal.
3. On the other hand, the Ld. Departmental Representative opposed the request but could not controvert the above submission.
4. We have heard the rival contentions and perused the records placed before us. We find that the present stay application is for the extension of the stay already granted by us vide order dated 22.03.2018 and as explained above, the assessee has complied with the directions of the Bench by way of depositing the part demand. Considering the rival submissions, we are of the considered view that the present stay applications deserves to be allowed. We 2 Pumarth Properties & Holding Pvt. Ltd SA Nos. 46/Ind/2018 therefore grant a further stay of 90 days from the date of this order or before the disposal of appeal whichever event occurs earlier subject to the same conditions as mentioned in our earlier stay order dated 22.3.18 except the (i) condition of para 3.
5. The stay application is disposed off accordingly subject to conditions herein above.
Order was pronounced in the open court on 20.08.2018 Sd/- Sd/-
(KUL BHARAT) (MANISH BORAD)
JUDICIAL MEMBER ACCOUNTANT MEMBER
Indore; 20 August, 2018
/Dev
Copy to: Assessee/AO/Pr. CIT/ CIT (A)/ITAT (DR)/Guard file.
By order Private Secretary/DDO, Indore .
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