Income Tax Appellate Tribunal - Panji
Mr. Nitin Tammansa Katwa, Belagavi vs Acit, Circle - 1(1), Belagavi on 7 June, 2024
IN THE INCOME TAX APPELLATE TRIBUNAL
PANAJI BENCH : PANAJI
[THROUGH VIRTUAL HEARING AT ITAT : PUNE]
BEFORE SHRI RAMA KANTA PANDA, VICE PRESIDENT
AND
SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER
Stay Application No.16/PAN./2024
Arising out of
ITA.No.96/PAN./2024 - Assessment Year 2011-2012
Mr. Nitin Tammansa The ACIT, Circle-1(1),
Katwa, Plot No.782, Firoj Khimajibhai
Katwa Crystal, 7th Cross Complex, Opp. Civil
Bhagyanagar, BELGAVI vs. Hospital,
PIN - 590 006 Dr. Ambedkar Road,
Karnataka. BELGAVI - 590 001.
PAN ALQPK1600B Karnataka.
(Applicant) (Respondent)
For Assessee : Shri Neelkanth Khandelwal
For Revenue : Shri P S Shivshankar, CIT-DR
Date of Hearing : 07.06.2024
Date of Pronouncement : 07.06.2024
ORDER
PER SATBEER SINGH GODARA, J.M. :
This assessee's stay application S.A.No.16/PAN./2024 filed u/sec.254(2) of the of the Income Tax Act, 1961 (in short "the Act"), seeks to restrain the department from effecting recovery of the impugned outstanding demand of Rs.2,72,95,193/- [including interest of Rs.1,31,50,705/-] arising out of both the learned lower authorities action in disallowing long term capital gains addition of Rs.4,58,73,227/-.
2
S.A No.16/PAN./2024 Heard both the parties. Case file perused.
2. It emerges during the course of hearing that the assessee has already paid outstanding demand of Rs.81,88,558/- which amounts to almost 60% of the tax demand to the tune of Rs.2,72,95,192/-. Coupled with this, Learned counsel has vehemently argued in light of the assessee's pleadings that both the lower authorities have erred in law and on facts not only in initiating sec.148 proceedings but also making sec.68 addition of Rs.4,58,13,227/- [alleged correct amount of Rs.4,07,94,331/-].
3. Learned DR on the other hand has vehemently opposed the assessee's instant stay application by terming the above long term capital gains disallowed as a fit case of having availed accommodation entries only.
4. We have given our thoughtful consideration to the foregoing rival pleadings and find that as a fit case prima facie in assessee's favour to stay the impugned demand wherein he has partly satisfied the sum to the tune of Rs.81,88,558/- . We thus direct the departmental authorities not to take any coercive action within the statutory period or till the disposal of the appeal, whichever is earlier. Registry is directed to list the assessee's corresponding main appeal ITA.No.96/PAN./ 2024 in due course. Ordered accordingly. 3
S.A No.16/PAN./2024
5. This assessee's stay application S.A.No.16/PAN./ 2024 is allowed in above terms.
Order pronounced in the open Court on 07.06.2024 Sd/- Sd/-
[RAMA KANTA PANDA] [SATBEER SINGH GODARA] VICE PRESIDENT JUDICIAL MEMBER Pune, Dated 07th June, 2024 VBP/- Copy to 1. The applicant 2. The respondent 3. The Pr. CIT, Panaji concerned
4. D.R. ITAT, Panaji-Bench, Panaji.
5. Guard File.
//By Order// //True Copy // Sr. Private Secretary, ITAT, Pune Benches, Pune.