Income Tax Appellate Tribunal - Hyderabad
M/S Janapriya Engineers Syndicate ... vs Assessee on 20 December, 2012
IN THE INCOME TAX APPELLATE TRIBUNAL
HYDERABAD BENCH 'B', HYDERABAD
BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER and
SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER
SA No. 178/Hyd/2012 - In ITA No. 1250/Hyd/2012 - A.Y. 2005-06
SA No. 179/Hyd/2012 - In ITA No. 1251/Hyd/2012 - A.Y. 2006-07
SA No. 180/Hyd/2012 - In ITA No. 1252/Hyd/2012 - A.Y. 2007-08
SA No. 181/Hyd/2012 - In ITA No. 1253/Hyd/2012 - A.Y. 2008-09
M/s. Janapriya Engineers Vs. Dy. Commissioner of Income-tax,
Syndicate JV, Hyderabad Central Circle-2
PAN; AAEFJ4368G Hyderabad
Appellant Respondent
SA No. 182/Hyd/2012 - In ITA No. 1577/Hyd/2012 - A.Y. 2006-07
M/s. Janapriya Engineers Vs. Dy. Commissioner of Income-tax,
Syndicate, Hyderabad Central Circle-2
PAN; AABCJ90001E Hyderabad
Appellant Respondent
SA No. 183/Hyd/2012 - In ITA No. 1594/Hyd/2012 - A.Y. 2007-08
M/s. Janapriya Properties Vs. Dy. Commissioner of Income-tax,
(Formerly Janapriya Engg. Central Circle-2
Syndicate), Hyderabad Hyderabad
PAN; AABCJ90001E
Appellant Respondent
Appellant by: Sri A. Srinivas
Respondent by: Smt. Vidisha Kalra
Date of hearing: 20.12.2012
Date of pronouncement: 20.12.2012
ORDER
PER CHANDRA POOJARI, AM:
All these Stay Applications by different assessees are seeking absolute stay of outstanding disputed demand of tax as follows:
(a) SA No. 178/Hyd/2012 - Rs. 87,76,444
(b) SA No. 179/Hyd/2012 - Rs. 1,54,28,708
(c) SA No. 180/Hyd/2012 - Rs. 5,77,09,512
(d) SA No. 181/Hyd/2012 - Rs. 3,44,92,175
(e) SA No. 182/Hyd/2012 - Rs. 1,02,95,393
(f) SA No 183/Hyd/2012 - Rs. 2,84,65,934
------------------------------
Total Rs. 15,51,68,166
=============
2 SA No. 178/Hyd/2012 & Ors.
M/s. Janapriya Engineers Syndicate JV & Ors.
================================
2. The learned AR submitted that these assessees are engaged in the business of real estate projects and the business of the assessees is in deep trouble and suffering from financial problems and the Department is taking very coercive steps for recovery of outstanding demand of tax. The learned AR prayed that, in view of the above, stay may be granted in recovery of the outstanding demand of tax. Further he submitted that the claim of the assessee u/s. 80IB of Income-tax Act, 1961 was denied on very flimsy grounds and the issue is covered in favour of the assessee by various decisions of judicial forums. Being so, he prayed for an absolute stay of outstanding demand of tax.
3. On the other hand, the learned DR strongly opposed the contention of the assessees' counsel and submitted that the assessees are financially sound companies and these companies are trying to evade the taxes. He prayed that a conditional stay may be granted and requested the Tribunal to give directions to the assessees to pay 50% of the outstanding demand of tax.
4. We have heard both the parties and perused the material on record. The assessees could not make out a case regarding the financial hardship and also not filed any report regarding latest financial position to show that the assessees are not having financial liquidity. In these circumstances, we are not inclined to grant an absolute stay of recovery of the outstanding demand of tax. However, a conditional stay of the outstanding demand of tax is hereby granted. The assessees are directed to pay 25% of the outstanding demand of tax in two equal instalments as under:
(a) First instalment on or before 15th January, 2013.
(b) Second instalment on or before 15th February, 2013.
5. Thereafter the cases will be heard on 20th February, 2013. If the assessees want to file Paper Book, the same has to be filed before 15th February, 2013 and shall not seek any adjournment and if they seek any adjournment, the stay will automatically gets vacated. No notice of hearing 3 SA No. 178/Hyd/2012 & Ors. M/s. Janapriya Engineers Syndicate JV & Ors.
================================ shall be sent to the parties and this order itself will serve as a notice of hearing.
6. In the result, the Stay Applications filed by the assessees are disposed of pro-tanto.
Order pronounced in the open court on 20th December, 2012.
Sd/- Sd/-
(ASHA VIJAYARAGHAVAN) (CHANDRA POOJARI)
JUDICIAL MEMBER ACCOUNTANT MEMBER
Hyderabad, dated the 20th December, 2012
Copy forwarded to:
1. M/s. Janapriya Engineers Syndicate JV, 8-2-120/86, Plot Nos. 11 & 12, Keerthi & Pride towers, Road No. 2, Banjara Hills, Hyderabad-
34.
2. M/s. Janapriya Engg. Syndicate, 8-2-120/86, Plot Nos. 11 & 12, Keerthi and Pride towers, Road No. 2, Banjara Hills, Hyderabad-34.
3. M/s. Janapriya Properties (Formerly M/s. Janapriya Engg.
Syndicate), 8-2-120/86, Plot Nos. 11 & 12, Keerthi and Pride towers, Road No. 2, Banjara Hills, Hyderabad-34.
4. The Deputy Commissioner of Income-tax, Cent. Circle-2, Hyderabad.
5. The Commissioner of Income-tax (Appeals)-I, Hyderabad.
6. The Commissioner of Income-tax (Central), Hyderabad.
7. The DR - B Bench, ITAT, Hyderabad.
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