Income Tax Appellate Tribunal - Indore
M/S. Pumarth Properties & Holdings Pvt. ... vs The Acit (Central) I, Indore on 22 March, 2018
आयकर अपील य अ धकरण ,इ दौर यायपीठ ,इ दौर
IN THE INCOME TAX APPELLATE TRIBUNAL,
INDORE BENCH, INDORE
ी कुल भारत, या यक सद य
तथा
ी मनीष बोरड, लेखा सद य के सम
BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER
AND
SHRI MANISH BORAD, ACCOUNTANT MEMBER
रोक या चका सं./S.A. No. 13/Ind/2018
आ.अ.सं. / I.T.A. No. 291/Ind/2017 से उ ू त
नधारण वष/ Assessment Years: 2012-13
M/s.Pumarth Properties & Assistant Commissioner of
Holdings Pvt.Ltd., vs. Income -tax,
Indore. Central (1),
Indore.
आवेदनकता /Applicant यथ /Respondent
था.ले.सं./PAN: AACCP0828Q
आवेदनकता क ओर से/Applicant by : Shri Sumit Nema, Sr.
Advocate with
Shri Ayush Gupta, Adv .
यथ क ओर से/Respondent by : Shri Lal Chand, CIT
सुनवाई क तारीख/Date of hearing : 21.03.2018.
उ ोषणा क तारीख/Date of : .03.2018
pronouncement
आदेश /O R D E R
PER MANISH BORAD, A.M. :
This application is filed by the assessee seeking stay of the demand of Rs. 86,85,000/-, which is on account of penalty levied u/s 271AAB of the Income-tax Act, 1961.
Stay Order Pumarth Properties & Holdings P.Ltd. -:2:-
2. The Ld. Counsel for the assessee submitted that the assessee is having severe financial crisis and it had already offered its stock in trade to be disposed by the Revenue Authorities subject to the permission by the Hon'ble Mumbai High Court. However, a sum of Rs. 2.50 lakhs can be deposited before 31st of March, 2018.
3. The Ld. Departmental Representative submitted that atleast 15 % of the penalty amount should have been deposited.
4. We have heard the rival contentions and perused the records placed before us. We find that the present stay application is for stay of demand arise on account of penalty imposed u/s 271AAB of the Act at Rs. 86,85,000/-. We observe that the assessee is passing through severe financial crisis and is very short of liquid funds. However, looking to the facts that the demand in question is towards penalty and much will depend on the outcome of appeal relating to quantum addition, we grant the stay for 90 days or before the disposal of appeal whichever event occurs earlier subject to following conditions :-
(i) The assessee shall deposit Rs. 2.50 lakhs before 31st March, 2018.Stay Order Pumarth Properties & Holdings P.Ltd. -:3:-
(ii) The Revenue will be at liberty to sell the stock in trade after seeking necessary permission from Hon'ble Mumbai High Court.
(iii) The assessee shall not seek any unnecessary adjournment.
(iv) The assessee shall submit the paper book before the 15 days from the date fixed for hearing of the appeal.
5. The Registry is directed to fix the appeals on out of turn hearing on 25th April, 2018.
6. The Stay Application is disposed of in the terms indicated above.
Order was pronounced in the open court on 22.03.2018.
Sd/- Sd/-
(मनीष बोरड)
(कुल भारत)
लेखा सद य
या यक सद य
(MANISH BORAD)
(KUL BHARAT)
ACCOUNTANT MEMBER
JUDICIAL MEMBER
Indore; दनांक Dated : 22/03/2018 CPU/SPS Copy to: Assessee/AO/Pr. CIT/ CIT (A)/ITAT (DR)/Guard file.
By order Stay Order Pumarth Properties & Holdings P.Ltd. -:4:- Private Secretary/DDO, Indore .