Income Tax Appellate Tribunal - Mumbai
Superstar Exports Private Limited, ... vs Assistant Commissioner Of Income Tax ... on 1 June, 2018
आयकर अपीलीय अिधकरण,
अिधकरण, मुबं ई "जे" खंडपीठ मे
Income-tax Appellate Tribunal -"J"Bench Mumbai
सव ी राजे ,लेखा सद य एवं अमरजीत सह, याियक सद य
Before S/Sh.Rajendra,Accountant Member and Amarjit Singh, Judicial Member
S.A.No. 309/M/2018
(Arising from I.T.A. No.2290/Mum/2018-AY: 2014-15)
Superstar Exports Pvt.Ltd. ACIT-Circle-2(3)(2)
2nd Floor, J.K. Somani Building Aayakar Bhavan,M.K. Road,
British Hotel Lane, Fort Vs. Mumbai -400 020.
Mumbai-400 001.
PAN:AAICS 4642 M
Revenue by: Shri T.A. Khan-DR
Assessee by: Shri Neelkanth Khandelwal
सुनवाई क तारीख / Date of Hearing: 01/06/2018
घोषणा क तारीख / Date of Pronouncement:01/06/2018
ORDER
लेखा सद य, सद य राजे के अनुसार -PER RAJENDRA, AM-
Vide its application, dated 28/5/2018 ,the assessee has requested to stay the demand raised for the above assessment year.In its application,the assessee has mentioned that the AO had disallowed the loss claimed by the assessee under the head capital gains, amounting to Rs.11.87 crores, that it had entered into the said transaction with one Parag Sheth and had transferred the shares to his DMAT account, that there was no doubt of transferring the shares, that the buyer had to pay money to the assessee, that there were fair chances of success, that the assessee was ready to pay some amount in addition to Rs.23.88 lakhs already paid.The application is accompanied by an affidavit of Chandra Prakash Khandelwal , Director of the company, wherein similar averments have been made.
2.During the course of hearing before us, the Authorised Representative (AR) reiterated the arguments that are part of the stay application and the affidavit filed.The Departmental Representative(DR) stated that the assessee had lost the appeal before the First Appellate Authority (FAA) .
3.We have perused the material available on record. We find that the assessee had paid Rs.23.88 lakhs, that the issue is about disallowance of LTCG .We have also considered financial position of the assessee. Therefore, we stay the demand, subject to payment of tax of Rs.20.00 lakhs on or before 25/6/2018. Registry is directed to put up the matter before the regular bench for hearing on 25/06/2018. The stay will remain operative for a period of six SA/309/M/18-Superstar Exports Pvt.Ltd.
months or till the disposal of appeal, whichever is earlier. As the pronouncement was made in open court, no separate hearing notice will be issued.
As a result stay application filed by the assessee is allowed.
Order pronounced in the open court on 1st June, 2018.
आदेश क घोषणा खुले यायालय म दनांक 1 जून, 2018 को क गई ।
(अमरजीत सह / Amarjit Singh ) (राजे / Rajendra)
Sd/- Sd/-
याियक सद य / JUDICIAL MEMBER लेखा सद य / ACCOUNTANT MEMBER
मुंबई Mumbai; दनांक/Dated : 01/06/2018.
Jv.Sr.PS.
आदेश क ितिलिप अ ेिषत/Copy of the Order forwarded to :
1.Appellant /अपीलाथ 2. Respondent / यथ
3.The concerned CIT(A)/संब अपीलीय आयकर आयु , 4.The concerned CIT /संब आयकर आयु
5.DR "J " Bench, ITAT, Mumbai /िवभागीय ितिनिध, खंडपीठ,आ.अ. याया.मुंबई
6.Guard File/गाड फाईल स यािपत ित //True Copy// आदेशानुसार/ BY ORDER, उप/सहायक पंजीकार Dy./Asst. Registrar आयकर अपीलीय अिधकरण, मुंबई /ITAT, Mumbai.2