Income Tax Appellate Tribunal - Chennai
Ozone Projects Pvt. Ltd.,, Chennai vs Jcit, Chennai on 17 February, 2017
आयकर अपील य अ धकरण, 'बी ' यायपीठ, चे नई
IN THE INCOME TAX APPELLATE TRIBUNAL , 'B' BENCH, CHENNAI
ी ए. मोहन अलंकामणी, लेखा सद य एवं ी ध"ु व#
ु आर.एल रे $डी, या&यक सद य के सम'
BEFORE SHRI A.MOHAN ALANKAMONY, ACCOUNTANT MEMBER
AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER
Stay Petition No.37/Mds/2017
(आयकर अपील सं./ in I.T.A.No.366/ Mds/2017
( नधा रण वष / Assessm ent Year:2011-12)
M/s. Ozone Projects Pvt. Ltd., Vs The JCIT,
Old No.22, New No.63, Company Range V,
G.N. Chetty Road, T. Nagar, Chennai
Chennai - 17
PAN: AAACO7589D
(Petitioner) ( यथ /Respondent)
Applicant by : Smt. Hemalatha.K, ACA
यथ क ओरसे/Respondent by : Shri N. Madhavan, JCIT
सन
ु वाईक तार ख/Da t e of h e ar in g : 17th February, 2017
घोषणाक तार ख /D at e of Pr on o unc em en t : 17th February, 2017
आदे श / O R D E R
Per A. Mohan Alankamony, AM:
This stay petition is filed by the assessee seeking stay of the outstanding demand of Rs.75,62,180/-.
2. The Ld. AR submitted that primarily the addition was due to disallowance of common expenditure of Rs.1,17,20,704/- . It was further submitted that the Ld. CIT(A) had given certain relief on the same issue. The Ld. AR further argued by stating that that the assessee is facing financial crunch and recovery of demand at this stage 2 S.P. No.37/Mds/2017 will bring irrepairable loss to the assessee. It was therefore pleaded that an early hearing may be provided if the Bench decides not to grant stay.
3. The Ld. DR on the other hand vehemently opposed for granting stay to the assessee and further submitted that if the Bench desires to grant stay, then the assessee may be directed to pay Rs.30 lakhs towards the outstanding demand.
4. We have heard the rival submissions and carefully perused the material available on record. The Ld. AR nor the assessee could substantiate the claim of cash crunch or prima facie merit in the case. However, considering the prayer of both the parties, to meet both end of justice, we hereby grant early hearing to the assessee and accordingly the registry is directed to post the appeal for hearing on 02.03.2017. Since both the parties are intimated in the open court, notice need not be issued. Further, we also grant short stay from recovery of demand by the Revenue for a period of 3 S.P. No.37/Mds/2017 30 days from this date or the date of pronouncement of the order whichever is earlier.
5. In the result, the stay petition of the assessee is allowed as indicated hereinabove.
Order pronounced in the open court on the 17th February, 2017 Sd/- Sd/-
(ध"ु व#ु आर.एल रे $डी) (ए. मोहन अलंकामणी) (Duvvuru RL Reddy) ( A.Mohan Alankamony ) #या यक सद%य /Judicial Member लेखा सद%य / Accountant Member चे#नई/Chennai, (दनांक/Dated 17.02.2017 JR आदे श क त*ल+प अ,े+षत/Copy to:
1. Appellant 2. Respondent 3. आयकर आयु-त (अपील)/CIT(A)
4. आयकर आयु-त/CIT 5. +वभागीय त न1ध/DR 6. गाड फाईल/GF.