Income Tax Appellate Tribunal - Pune
A.M. Jalgaonwala Agro Products ... vs Income Tax Officer,Ward-5,, Dhule on 9 March, 2018
आयकर अऩीऱीय अधधकरण "बी" न्यायऩीठ ऩण
ु े में ।
IN THE INCOME TAX APPELLATE TRIBUNAL "B" BENCH, PUNE
श्री डी. करुणाकरा राव, ऱेखा सदस्य, एवं श्री ववकास अवस्थी, न्याययक सदस्य के समक्ष ।
BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM
रोक आवेदन सं. / SA No.19/PUN/2018
(Arising out of ITA No.664/PUN/2017)
यनधाारण वषा / Assessment Year : 2013-14
A.M. Jalgaonwala Agro Products Pvt. Ltd.,
Kapad Bazar, Shirpur,
Tal. Shirpur, Dhule - 425405
PAN : AABCA5276G
.......अऩीऱाथी / Applicant
बनाम/Vs.
Income Tax Officer,
Ward - 5, Dhule
......प्रत्यथी / Respondent
Assessee by : Shri Ashish M. Bhalgat
Revenue by : Dr. Vivek Aggarwal
सुनवाई की तारीख / Date of Hearing : 09-03-2018
घोषणा की तारीख / Date of Pronouncement : 09-03-2018
आदे श / ORDER
PER VIKAS AWASTHY, JM :
This application has been filed by the assessee for stay of recovery of outstanding demand for the assessment year 2013-14.
2. Shri Ashish M. Bhalgat appearing on behalf of the assessee submitted that as per notice issued u/s. 156 of the Income Tax Act, 1961 2 SA No.19/PUN/2018, A.Y. 2013-14 (hereinafter referred to as "the Act") the total demand is Rs.56,63,390/-. The assessee has already paid Rs.28,28,560/- i.e. almost 50% of the total demand. The remaining amount outstanding is Rs.28,34,830/-. The addition has been made by Assessing Officer on the basis of statement of Shri Mustafa Inayathussain Bohari, Director of the assessee company recorded on 26-11-2012 during survey action u/s. 133A declaring a sum of Rs.1,30,00,000/- as additional income for the assessment year 2013-14. However, while filing return of income the Director of assessee company retracted from his statement.
3. Dr. Vivek Aggarwal representing the Department vehemently opposed the stay application filed by assessee. The ld. DR submitted that the addition has been made by Assessing Officer on the basis of statement recorded during survey proceedings in survey action u/s. 133A of the Act. However, the assessee failed to honour the statement declaring additional income during survey. The assessee had offered additional income on account of discrepancies in stock, cash and unaccounted transactions.
4. We have heard the submissions made by representatives of rival sides. After taking into consideration entirety of facts we are of considered view that the recovery of outstanding demand arising out of assessment proceedings in assessment year 2013-14 deserves to be stayed subject to following conditions :
(i). The assessee shall deposit a further sum of Rs.5 lakhs on or before 20-03-2018.
(ii). The assessee shall produce the proof of deposit of installment on the date of hearing of appeal.3
SA No.19/PUN/2018, A.Y. 2013-14
(iii). That the assessee shall not seek frivolous adjournment. If the assessee desires to file a paper book, then the same should be submitted in accordance with ITAT Rules before the date of hearing of appeal.
(iv). That an early hearing is hereby granted and the appeal is directed to be fixed for hearing on 23-05-2018. Since, the date of hearing is pronounced in the open court, issuance of separate notice of hearing to the parties is dispensed with.
(v). In case of breach of any of the above conditions, the stay granted shall automatically get vacated and the assessee shall also loose the benefit of early hearing of appeal.
5. Subject to compliance of above conditions, the recovery of balance outstanding demand is stayed for a period of 180 days from the date of this order or till the disposal of appeal, whichever is earlier.
6. In the result, stay application filed by assessee is allowed in the terms aforesaid Order pronounced in open Court after hearing of the Stay Application on Friday, the 09th day of March, 2018.
Sd/- Sd/-
(डी. करुणाकरा राव/D. Karunakara Rao) (ववकास अवस्थी / Vikas Awasthy)
ऱेखा सदस्य / ACCOUNTANT MEMBER न्याययक सदस्य / JUDICIAL MEMBER
ऩुणे / Pune; ददनाांक / Dated : 09th March, 2018. RK 4 SA No.19/PUN/2018, A.Y. 2013-14 आदे श की प्रयिलऱवऩ अग्रेवषि / Copy of the Order forwarded to :
1. अऩीऱाथी / The Appellant.
2. प्रत्यथी / The Respondent.
3. आयकर आयुक्त (अऩीऱ) / The CIT(A)-I, Nashik
4. The Pr. Commissioner of Income Tax-1, Nashik
5. ववभागीय प्रयतयनधध, आयकर अऩीऱीय अधधकरण, "बी" बेंच, ऩण ु े / DR, ITAT, "B" Bench, Pune.
6. गाडड फ़ाइऱ / Guard File.
//सत्यावऩत प्रयत // True Copy// आदे शानुसार / BY ORDER, यनजी सधचव / Private Secretary, आयकर अऩीऱीय अधधकरण, ऩुणे / ITAT, Pune