Income Tax Appellate Tribunal - Kolkata
M/S. Ambica Capital Markets Ltd., ... vs Dcit, Central Circle-2(1), Kolkata, ... on 16 June, 2017
IN THE INCOME TAX APPELLATE TRIBUNAL "A" BENCH,
KOLKATA
BEFORE SHRI P.M. JAGTP, AM AND SHRI S.S. VISWANETHRA RAVI, JM
S.A No. 50/Kol/2017
(Arising out of ITA No. 865/K/2017, Assessment Year:2009-10
M/s. Ambica Capital Markets Ltd. DCIT Central Circle 2(1)
Howrah Vs. Kolkata
PAN : AAECA3328G
Applicant .. Respondent
S.A No. 51/Kol/2017
(Arising out of ITA No. 866/K/2017, Assessment Year:2010-11
M/s. Ambica Capital Markets Ltd. DCIT Central Circle 2(1)
Howrah Vs. Kolkata
PAN : AAECA3328G
Applicant .. Respondent
Applicant by : Shri. S.M. Surana, Advocate
Respondent by : None
Date of Hearing : 16.06.2017
Date of Pronouncement : 16.06.2017
ORDER
PER P.M. JAGTAP, ACCOUNTANT MEMBER:
By these stay applications, the assessee is seeking stay of assessment proceedings initiated by the AO pursuant to the orders passed by the Ld. CIT under section 263 for A.Y. 2009-10, 2010-11.
2. At the time of hearing fixed today, none has appeared on behalf of the revenue. We have, therefore, heard the learned counsel for the assessee who has 2 S.A No. 50 & 51/KOL/2017 (A.Y. 2009-10 & 2010-11) submitted that pursuant to the orders passed by the Ld. CIT under section 263 for A.Y. 2009-10 and 2010-11, the Assessing Officer has already commenced the assessment proceedings. He has submitted that the assessee has filed appeals against the said orders of the Ld. CIT passed under section 263 and if the Assessing Officer is allowed to continue with the assessment proceedings and complete the assessments before the disposal of the said appeals by the Tribunal, same will result not only in the demand on account of tax, interest etc but also in the multiplicity of litigation. He has further submitted that the appeals filed by the assessee before the Tribunal against the orders passed by the Ld. CIT under section 263 involve a small and simple issue and if the same are fixed for hearing out of turn, the assessee is not interested to press for the stay of assessment proceedings initiated by the AO. After perusing the relevant material on record, we are inclined to accept this alternative plea of the learned counsel for the assessee. The registry is accordingly directed to fix the corresponding appeals of the assessee being ITA 865 and 866/K/2017 for hearing out of turn on 21.06.2017. The request of the assessee for stay of assessment proceedings initiated by the AO pursuant to orders under section 263 however is not acceded to.
3. In the result, the stay applications filed by the assessee are partly allowed as indicated above.
Order pronounced in the open Court on 16th June, 2017 Sd/-
Sd/-
(S.S. VISWANETHRA RAVI) (P.M. JAGTAP)
JUDIDCIAL MEMBER ACCOUNTANT MEMBER
Dated: 16/06/2017
3
S.A No. 50 & 51/KOL/2017 (A.Y. 2009-10 & 2010-11) Copy of order forwarded to:
1 M/s. Ambica Capital Markets, Howrah 2 DCIT Central Circle 2(1) 3 The CIT(A), 4 The CIT 5 DR True Copy, By order, Sr. P.S. / H.O.O. ITAT, Kolkata