Income Tax Appellate Tribunal - Delhi
Shipra Estate Ltd And Jai Krishan Estate ... vs Acit, Circle- 58(1), New Delhi on 26 April, 2019
IN THE INCOME TAX APPELLATE TRIBUNAL
(DELHI FRIDAY BENCH "E" NEW DELHI )
BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER
AND
SHRI O.P. KANT, ACCOUNTANT MEMBER
Stay Application No. 368/Del/2019
( In ITA No. 2232/Del/2019)
Asstt. Year : 2010-11
SHIPRA ESTATE LTD. AND Vs. ACIT, CIRCLE 58(1),
JAI KRISHAN ESTATE DEVELOPERS NEW DELHI
PVT. LTD.,
D-32, MAIN VIKAS MARG,
LAKSHMI NAGAR,
DELHI - 92
(PAN: ABGF9748C)
( Applicant) ( Respondent )
Applicant by : Sh. Panchan Sethi & Sh. Prateek Gupta,CA
Respondent by : Smt. Rinku Singh, Sr. DR.
ORDER
PER H.S. SIDHU, JM
This Stay Application u/s 35A of the Income-tax Appellate Tribunal Rules, 1963 has been preferred by the assessee, seeking of stay of balance outstanding demand in dispute for the assessment year 2010-11. Ld. Counsel of the assessee has stated that against the penalty imposed of Rs. 77,73,128/- the Department has already 1 recovered about Rs. 44 lacs from the account of the assessee and the balance penalty demand is Rs. 33,52,930/- which may kindly be stayed till the disposal of the appeal by the Tribunal. It was submitted that since the assessee has deposited sufficient amount and balance of convenience is also in assessee's favour. It was further stated that payment the demand would cause great financial hardship to the assessee. Hence, stay may be granted on the balance outstanding demand in dispute for the period of 180 days or till the disposal of all the main appeal. In the alternative, he also requested that early hearing in the main appeal may also be granted.
2. On the contrary, Ld. DR did not controvert the contention raised by the Ld Counsel of the assessee.
3. We have heard both the parties and perused the records available with us. Keeping in view of the facts and circumstances of the case, we are of the considered view that the assessee has established the prima facie case in its favour and also balance of convenience is in its favour for stay on the balance outstanding demand in dispute in respect of both the assessment years, as sufficient amount has already been deposited. Accordingly, in the interest of justice, we grant the Stay on the outstanding demand in dispute for the period of 180 days or till the disposal of the aforesaid 2 main appeals, whichever occurs first. Also request of early hearing in both the appeals is granted and accordingly, the Main Appeal is fixed for hearing on 10.06.2019. Since the date of hearing in the main appeals has been pronounced in the Court, there is no need to send the notices for hearing. The copy of this Order be given to both the parties DASTI.
4. In the result, the Assessee's Stay Application stand disposed off, as aforesaid.
Order pronounced on 26-04-2019.
Sd/- Sd/-
[O.P. KANT] [H.S. SIDHU]
ACCOUNTANT MEMBER JUDICIAL MEMBER
Date 26/04/2019
SRBHATNAGAR
Copy forwarded to: -
1. Appellant 2. Respondent 3. DIT 4. CIT (A)
5. DR, ITAT
TRUE COPY By Order,
Assistant Registrar, ITAT,
Delhi Benches
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