Income Tax Appellate Tribunal - Ahmedabad
Nishant Construction Pvt. Ltd. , ... vs Assessee on 5 June, 2015
IN THE INCOME TAX APPELLATE TRIBUNAL
AHMEDABAD "C" BENCH
Before: Shri N.S. Saini, Accountant Member
and Shri Rajpal Yadav, Judicial Member
Stay Petition No. 60/Ahd/2015
(In ITA No. 1502/Ahd/2015)
Assessment Year 2011-12
Nishant Construction Pvt. Addl. Commissioner of
Ltd., 801-802, Regency Income Tax, Circle-5,
Plaza, Anandnagar Road, Vs Ahmedabad
Satelite, Ahmedabad (Respondent)
PAN: AAACN3752B
(Appellant)
Assessee by: Shri S.N. Soparkar, A.R.
Revenue by: Shri M.K. Singh, Sr.D.R.
Date of hearing : 05-06-2015
Date of pronouncement : 5-06-2015
आदे श/ORDER
PER : RAJPAL YADAV, JUDICIAL MEMBER:-
The present stay application is directed at the instance of assessee for grant of ad-interim stay of the outstanding demand amounting to Rs. 12,24,16,370/-.
Stay Petition No. 60/Ahd/2015 (In I.T.A No.1502/Ahd/2015) A.Y. 2011-12 Page No 2 Nishant Construction vs. ACIT
2. The brief facts are that assesse company was engaged in the business of real estate developer and project consultation. It has filed its return on 27-09-2011 declaring total income at Rs. 1,78,54,520/-. The survey u/s. 133(A) was carried out by the income tax department at the various business premises of the assessee and its related concerns on 19th May, 2011. According to the Assessing Officer, during the course of survey several documents were impounded as inventorized as annexure BF-17. On perusal of the page no. 130 of annexure BF-17, it revealed that assessee has compiled certain details in tabular form exhibiting the description of the flats i.e. 3 BHK, 4 BHK in terms of their area and the rate per square feet at Rs. 4300. Similarly page no. 129 of the annexure discloses the details of sale of flat no. C/1104 in Ratnakar-III projects. As per the sale deed, assessee has disclosed the rate @ 1700 per square feet instead of 4300 per square feet noted at page no. 130 of the annexure. The ld. Assessing Officer thereafter noted the details of sale of flats in tabulator form and arrived at a conclusion that assessee has shown the sale price in between 1392 to 1400 rupees per square feet whereas the actual rate charged by the assessee is 4300 per square feet. The Assessing Officer in order to buttress his conclusions also relied upon the rates disclosed in the websites namely; 99 acers.com and Magicbricks.com. On the strength of these evidences, ld. Assessing Officer harboured a belief that assessee must have received on money over and above the sale consideration stated in the sale deeds. He worked out the on money of roughly 2600 per square feet which was applied on all the sales made by the assessee. In this way, ld. Assessing Officer has made an addition of Rs. 33,56,98405/- Stay Petition No. 60/Ahd/2015 (In I.T.A No.1502/Ahd/2015) A.Y. 2011-12 Page No 3 Nishant Construction vs. ACIT
3. The appeal to the Commissioner of Income Tax (Appeals) did not bring any relief to the assessee.
4. With the assistance of ld. representatives, we have gone through the record carefully. The admissibility of page no. 130 of annexure BF-17, information collected from webside namely; 99 acers.com and Magicbricks.com, in evidence is to be appreciated while adjudicating the appeal. It is quite a debatable issue but we are convinced that assessee has prima facie case on merit. Out of the total demand of Rs. 14,74,16,370 interest component is of Rs. 3,32,96,675/-. The assessee has already paid 2.5 crores. After considering the submissions of both the representatives, we allow the stay applications and stay the outstanding demand subject to following conditions:-
(a) The outstanding demand shall remain stayed for a period of 180 days or till the disposal of appeal, whichever event occurs first.
(b) The assessee shall pay a sum of Rs. 1 crore in two equal installments by 30th June, and 31st July, 2015.
(c) The assessee shall submit all paper books before the next date of hearing and shall not seek any adjournment unless unavoidable circumstances warrant so.
5. The registry is directed to list the appeal out of turn hearing on 5th August, 2015.
Order pronounced in the open court on 5-06-2015
Sd/- Sd/=
(S.N. SAINI) (RAJPAL YADAV)
ACCOUNTANT MEMMBER JUDICIAL MEMBER
Ahmedabad : Dated 5/06/2015
ak
Stay Petition No. 60/Ahd/2015 (In I.T.A No.1502/Ahd/2015) A.Y. 2011-12 Page No 4
Nishant Construction vs. ACIT
आदे श क त
ल प अ े षत / Copy of Order Forwarded to:-
1. Assessee
2. Revenue
3. Concerned CIT
4. CIT (A)
5. DR, ITAT, Ahmedabad
6. Guard file.
By order/आदे श से,
उप/सहायक पंजीकार
आयकर अपील य अ धकरण,
अहमदाबाद
Strengthened preparation & delivery of orders in the ITAT
1) Date of dictation 05/06/2015
2) Direct on which the typed draft is placed 05/06/2015 before the Dictating Member & Other Member
3) Date on which the approved draft comes to /06/2015 the Sr. P.S./P.S.
4) Date on which the fair order is placed before the Dictating Member for pronouncement
5) Date on which the fair order comes back to the Sr. P.S./P.S.
6) Date on which the file goes to the Bench 9/6/2015 Clerk
7) Date on which the file goes the Head Clerk
8) Date on which the file goes to the Assistant Registrar for signature on the order
9) Date of Dispatch of the order