Income Tax Appellate Tribunal - Hyderabad
Premlata, Hyderabad vs Income Tax Officer, Ward-8(2), ... on 1 November, 2019
IN THE INCOME TAX APPELLATE TRIBUNAL
HYDERABAD BENCH "B", HYDERABAD
BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER
AND
SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER
S.A. No.239/Hyd/2019
(In ITA No.881/Hyd/2019)
Assessment Year: 2014-15
Smt. Premlata, Vs. Income Tax Officer,
H No.21-2-104, Charkaman, Ward-8(2),
Hyderabad - 500 002. Hyderabad.
PAN: AFUPP 0210 J
(Appellant) (Respondent)
Assessee by: Sri K.C. Devdas, CA - AR
Revenue by: Sri Nilanjan Dey - DR
Date of hearing: 01/11/2019
Date of pronouncement: 01/11/2019
ORDER
PER A. MOHAN ALANKAMONY, AM.:
This Stay Application is filed by the assessee seeking stay from recovery of the outstanding demand of Rs. 26,46,810/- for the assessment year 2014-15.
2. At the outset the Ld AR submitted before us that the assessee has already paid Rs. 4,70,000/- against the total outstanding demand of Rs. 34,27,138/- (Tax Rs. 25,74,033 + Rs. 8,53,105/- interest) and TDS refund due is Rs. 3,10,328 and balance amount payable is Rs. 26,46,810/-. It was further submitted that the issue involved in the 2 appeal is long term capital gains which is exempt U/s. 10(38) of the Act and the assessee is of the bonafide belief that she has a prima facie case on merits. It was therefore pleaded that stay may be granted from recovery of the outstanding demand at this stage otherwise it would bring irreparable loss to the assessee as she is facing great financial hardship. The Ld DR on the other hand, vehemently opposed to the submission of the Ld AR and further pointed that the case relates to bogus transactions whereby the assessee had claimed exemption U/s. 10(38) of the Act unscrupulously.
3. We have heard the rival submissions and carefully perused the materials on record. On perusal of the order of the Ld. CIT (A) and the Ld. AO, it is observed that the Revenue has disallowed the claim of exemption U/s. 10(38) of the Act because it pertains to investment made in 'penny stock' companies as revealed by several investigations. In this situation, on prima facie examining the veracity of the case and taking into account of the submission of the ld. AR regarding the financial crunch faced by the assessee, in the interest of both the parties, we are of the considered view that the assessee deserves grant of stay subject to payment of the outstanding demand by instalments. Accordingly, we hereby grant stay to the assessee from recovery of the outstanding demand for a period of 180 days from this date or the pronouncement of the order whichever is earlier subject to the payment of Rs. 2 lakhs before the end of every month starting from the month of 3 November, 2019. In case, if the assessee fails to comply with the monthly instalments as stipulated hereinabove the stay shall instantly stand vacated. It is ordered accordingly.
4. In the result, the Stay Petition of the assessee is allowed as indicated herein above.
Pronounced in the open Court on 01 st November, 2019.
Sd/- Sd/-
(P. MADHAVI DEVI) (A. MOHAN ALANKAMONY)
JUDICIAL MEMBER ACCOUNTANT MEMBER
Hyderabad, Dated: 01 st November, 2019
OKK
Copy to:-
1) Smt. Premlata, H.No. 21-2-104, Charkaman,Hyderabad.
2) ITO, Ward 8(2), Hyderabad.
3) The CIT(A)-8, Hyderabad
4) The Pr. CIT-II, Hyderabad
5) The DR, ITAT, Hyderabad
6) Guard File