Income Tax Appellate Tribunal - Hyderabad
Meda Raghunadha Reddy., Hyderabad vs Asst. Commissioner Of Wealth, Cent. ... on 16 March, 2018
IN THE INCOME TAX APPELLATE TRIBUNAL
HYDERABAD BENCHES "A" BENCH: HYDERABAD
BEFORE SHRI D. MANMOHAN, VICE PRESIDENT AND
SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER
S.A. No. 66 /Hyd/2018 (Arising out of WTA. Nos.66/Hyd/2017)
Assessment Years: 2012-13
Meda Madhusudhan Reddy, vs. ACWT,
Hyderabad. Central Circle,
PAN: ABTPM 9709 L Tirupathi.
(Appellant) (Respondent)
S.A. Nos. 67 & 68/Hyd/2018 (Arising out of WTA. Nos.67 & 68/Hyd/2017)
Assessment Years: 2011-12 & 2012-13
Meda Venkata Mallikarjuna vs. ACWT,
Reddy, Hyderabad. Central Circle,
PAN: AEYPM 9409 L Tirupathi.
(Appellant) (Respondent)
S.A. Nos. 69 to 73/Hyd/2018 (Arising out of WTA. Nos.69 to 73/Hyd/2017)
Assessment Years: 2008-09 to 2012-2013
Meda Ramakrishna Reddy, vs. ACWT,
Hyderabad. Central Circle,
PAN: ABTPM 9708 M Tirupathi.
(Appellant) (Respondent)
S.A. Nos. 74 to 77/Hyd/2018 (Arising out of WTA. Nos. 74 to 77/Hyd/2017)
Assessment Years: 2009-10 to 2012-2013
Meda Raghunatha Reddy, vs. ACWT,
Hyderabad. Central Circle,
PAN: ABTPM 9707 E Tirupathi.
(Appellant) (Respondent)
For Assessee: Shri K.A. Sai Prasad
For Revenue : Smt. L. Sunita Rao, DR
Date of Hearing : 16.03.2018
Date of Pronouncement : 16.03.2018
ORDER
PER D. MANMOHAN, VP.
This group of Stay Applications are filed by the Learned Counsel for the Assessee on behalf of Shri Meda Madhusudhan Reddy, Shri 2 Meda Venkata Mallikarjuna Reddy, Shri Meda Ramakrishna Reddy and Shri Meda Raghunadha Reddy.
2. Learned Counsel for the Assessee filed a statement showing outstanding demand in case of each assessee, assessment year wise, wherein a break-up of tax component and interest component was separately mentioned. Learned Counsel for the Assessee has briefly explained the facts to submit that the Tax Authorities are pressing for payment of entire demand and if the amount outstanding is sought to be collected, the assessee would suffer irretrievable loss and they will be left with no liquid funds to carry on the day-to-day business activities. He also submitted that these are Wealth Tax matters wherein the claim of the assessee, with regard to exemption on agricultural lands, was denied by the Tax Authorities whereas the assessee has sufficient material to prove that the lands do not fall within the Municipal Limits and they are utilised for agricultural purposes in which event assessees would get substantial relief in the appeals which are already listed for hearing on 08th May, 2018.
3. We have also heard the Learned Departmental Representative and carefully perused the record. Having regard to the overall circumstances of the case, we are of the opinion that these are fit cases for granting stay. The assessees are hereby directed to pay 25% of the tax component (excluding interest component) on or before 25th March, 2018 and subject to payment of the same and furnishing of surety to the satisfaction of the Assessing Officer with respect of balance of outstanding demand, we hereby grant stay of collection of outstanding demand. Since the appeals are already posted for hearing on 08th May, 2018 we make it clear that in the event of assessees seeking adjournment, without valid reasons, the stay granted herein shall stand automatically vacated.
4. In the result, Stay Applications are treated as partly allowed.
3Order pronounced in the open court on 16th March, 2018.
Sd/- Sd/- (S. RIFAUR RAHMAN) (D. MANMOHAN) ACCOUNTANT MEMBER VICE PRESIDENT Hyderabad, Dated: 16th March, 2018. OKK, Sr.PS Copy to
1. Shri Meda Madhusudhan Reddy, Shri Meda Venkata Mallikarjuna Reddy, Shri Meda Ramakrishna Reddy and Shri Meda Raghunadha Reddy , C/o. Ch. Parthasarathy & Co, 1-1-298/2/B/2, 1st Floor, Sowbhagya Avenue, St. No.1, Ashok Nagar, Hyderabad-500 020.
2. ACWT, Central Circle, Tirupathi.
3. Commissioner of Wealth-Tax (Appeals)-3, Visakhapatnam.
4. Principal Commissioner of Wealth-tax (Central), Visakhapatnam.
5. DR, ITAT, Hyderabad.
6. Guard File