Income Tax Appellate Tribunal - Mumbai
Amit Mafatlal Shah , Mumbai vs Acit Circle 19 (1) Mumbai, Mumbai on 30 January, 2020
IN THE INCOME TAX APPELLATE TRIBUNAL
MUMBAI BENCHES "A", MUMBAI
Before S/Shri Shamim Yahya, AM, & C N Prasad, JM
S A No. 39/Mum/2020
(Arising out ITA No.5793/Mum/2019
Assessment Year 2015-16)
Amit Mafatlal Shah, ACIT 19(1),
78/80 Gore Gandhi Building, Mumbai
C P Tank Road, Vs.
Mumbai 400 004.
PAN AABPS 5009A
(Applicant) (Respondent)
Applicant By : Shri Vimal Punmiya
Respondent By : Shri Michael Jerald
Date of Hearing :23.01.2020 Date of Pronouncement : 30.01.2020
ORDER
Per Shamim Yahya, Accountant Member:
By way of this stay application the assessee seeks stay of outstanding demand of tax and interest of Rs 1,64,55,106/- for assessment year 2015-16.
2. We have heard both the Council and perused the records. Learned counsel of the assessee contended that the issue in appeal in this case is the long-term capital gain assessed as cash credit by the assessing officer in a very high-pitched assessment. Learned counsel of the assessee contended that on similar facts this ITAT in the group case Manju Ramesh Vardhan in SA 483/Mum/2019 and Others, vide order dated 20.12.2019, has granted stay of the demand. Learned counsel prayed that in this case also facts are similar, the parties are similar, the assessment is very high-pitched and the 2 SA No.39/Mum/2020 Amit Mafatlal Shah assessee faces financial difficulty. Hence learned counsel prayed that assessee should be granted stay of demand.
3. Per contra learned departmental representative submitted that assessee should be called upon to pay at least 50% of the outstanding demand.
4. Upon careful consideration we find that against the outstanding demand of 1,83,99,330/- assessee has already paid a sum of Rs 19,44,224/-. The facts of the appeal are similar to the case of Manju Ramesh Vardhan (supra), where ITAT has granted stay of demand. In our considered opinion on the facts and circumstances of this case the assessee deserves a conditional stay on the following conditions:
• The assessee shall a pay sum of Rs 5 lacs (Rupees Five Lacs Only) by 25th February, 2020.
• The Registry is directed to fix the case for out of turn hearing on 25th February, 2020 • None of the parties shall seek unnecessary adjournments In terms of the aforesaid conditions the stay application is allowed and we grant stay of demand for a period of 180 days from the date of this order.
4. This stay application is disposed off in terms of above.
Order pronounced in the open court on this 30th day of January, 2020.
Sd/- Sd/-
(C N Prasad) (Shamim Yahya)
JUDICIAL MEMBER ACCOUNTANT MEMBER
Mumbai; Dated :30th January, 2020
SA
3
SA No.39/Mum/2020
Amit Mafatlal Shah
Copy of the Order forwarded to :
1. The Applicant.
2. The Respondent.
3. The CIT(A), Mumbai.
4. The CIT
5. DR, 'A' Bench, ITAT, Mumbai
BY ORDER,
//True Copy//
Assistant Registrar)
Income Tax Appellate Tribunal, Mumbai