Income Tax Appellate Tribunal - Panji
Choice Buildestate Private Limited, ... vs Ito, Jaipur on 22 December, 2017
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IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR
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BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM
S.A No. 22/JP/2017
(Arising out of ITA No. 431/JP/2016)
fu/kZkj.k o"kZ@Assessment Year : 2007-08
M/s Choice Buildestate Private Ltd. cuke The ITO,
144, Frontier Colony, Adarsh Nagar, Vs. Ward-5(2),
Jaipur. Jaipur.
LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAACC9805G
vihykFkhZ@Appellant izR;FkhZ@Respondent
fu/kZkfjrh dh vksj l@
s Assessee by : Shri S.L. Podar (Adv.)
jktLo dh vksj ls@ Revenue by : Shri Varinder Mehta (CIT)
lquokbZ dh rkjh[k@ Date of Hearing : 22/12/2017
mn?kks"k.kk dh rkjh[k@Date of Pronouncement: 22/12/2017
vkns'k@ ORDER
PER: VIJAY PAL RAO, J.M. By way of this application the assessee is seeking stay of outstanding demand of Rs.15,05,514/- arising from the addition made by the AO U/s 68 of the Act on account of share application money received.
2. We have heard the ld. AR as well as ld. DR and considered the relevant material on record. The ld. AR of the assessee has pointed out S.A. No. 22JP/2017 M/s Choice Colonizers Private Ltd. vs. ITO, Jaipur the total demand in this case was raised by the AO of Rs. 22,85,514/- out of which the assessee initially paid Rs. 7,80,000/- and further paid Rs. 2,00,000/- on 17.11.2017. He has filed a copy of challan for payment of Rs. 2,00,000/-. Thus he has submitted that the assessee has already paid Rs. 9,80,000/- out of the total demand of Rs. 22,85,514/-. The ld. AR has further submitted that the appeal of the assessee is listed for hearing on 15.01.2018 and the assessee wouldnot to take any further adjournment in the hearing of the appeal and therefore, the balance demand may be stayed till disposal of the appeal of the assessee.
3. On the other hand, ld. DR has opposed to the stay of the outstanding demand and submitted that the assessee should pay the demand amount when no financial difficultly has been shown by the assessee.
4. Having considered the rival submissions as well as relevant material on record we find that out of the total demand of Rs. 22,85,514/- the assessee has already paid a sum of Rs. 9,80,000/- thus, the assessee has paid about 50% of the total demand inclusive of interest and now the balance outstanding demand is only Rs. 13,05,000/-. The dispute in the appeal is regarding addition made by 2 S.A. No. 22JP/2017 M/s Choice Colonizers Private Ltd. vs. ITO, Jaipur the AO on account of the share application money which can be decided only after analyzing and appreciation of facts of the case. The appeal has already fixed for hearing on 15.01.2018, therefore, in the facts and circumstances of the case we stay the balance outstanding demand till 28.02.2018 or disposal of the appeal whichever is earlier. Further in case the assessee seeks adjournment of hearing without any reasonable cause the stay granted by us shall stand vacated.
In the result, the stay application is allowed. In order pronounced in the open court on 22/12/2017 Sd/- Sd/-
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(Vikram Singh Yadav) (Vijay Pal Rao)
ys[kk lnL;@Accountant Member U;kf;d lnL;@Judicial Member
Tk;iqj@Jaipur
fnukad@Dated:- 22/12/2017.
*Santosh.
vkns'k dh izfrfyfi vxzfs 'kr@Copy of the order forwarded to:
1. vihykFkhZ@The Appellant- M/s Choice Buildestate Private Ltd., Jaipur.
2. izR;FkhZ@ The Respondent- The ITO,Ward-5(2), Jaipur.
3. vk;dj vk;qDr@ CIT
4. vk;dj vk;qDr@ CIT(A)
5. foHkkxh; izfrfuf/k] vk;dj vihyh; vf/kdj.k] t;iqj@DR, ITAT, Jaipur.
6. xkMZ QkbZy@ Guard File {S.A. No. 22/JP/2017} vkns'kkuqlkj@ By order, lgk;d iathdkj@Asst. Registrar 3