Income Tax Appellate Tribunal - Delhi
Ins Finance & Investment P Ltd.,, New ... vs Ito Ward - 12(3), New Delhi on 17 January, 2020
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH : FRIDAY : NEW DELHI
BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER
AND
MS SUCHITRA KAMBLE, JUDICIAL MEMBER
Stay Application No.1/Del/2020
(ITA No.9266/Del/2019)
Assessment Year: 2010-11
INS Finance & Investment P. Ltd., Vs. ITO, Ward-12(3),
A-2/452, Sector-8, New Delhi.
Rohini,
New Delhi.
PAN: AABCI4418E
(Appellant) (Respondent)
Assessee by : Shri R.S. Singhvi, CA &
Shri Satyajeet Goel, CA
Revenue by : Shri Pradeep Singh Gautam, Sr.DR
Date of Hearing : 17.01.2020
Date of Pronouncement: 17.01.2020
ORDER
PER SUCHITRA KAMBLE, JM:
This Stay Application is filed by the assessee for staying the outstanding demand of Rs.4,69,07,110, for assessment year 2010-11.
2. The ld. AR submitted that the CIT(A) dismissed the appeal of the assessee without proper opportunity of adjudication in terms of provisions of section 250(1) and 250(2)(a) of the Act. The ld. AR submitted that though the written submissions were filed on various dates, the CIT(A) with whom the personal hearing and oral SA No.1/Del/2020 arguments were made had not passed the order, but, after the change of incumbent CIT(A), the new CIT(A) without providing any opportunity, passed the order on arbitrary basis. The ld. AR submitted that the AO failed to acknowledge the fact that M/s Prraneta Industries Ltd. is a listed company having sufficient net worth and there being no case of any adverse tangible material, the reopening u/s 148 on the ground of existence of accommodation entry is patently invalid and without any jurisdiction. The ld. AR further submitted that the assessee has already paid Rs.86 lakhs and now the total outstanding is Rs.3,83,07,110/- plus interest. The ld. AR further submitted that the assessee is having prima facie good case on merit, therefore, the stay of the outstanding demand may be allowed and the oral hearing may be granted in the appeal.
3. The ld. DR vehemently opposed the stay application.
4. We have heard both the parties and perused the relevant material available on record. Prima facie, the Ld. AR made out a case for granting stay and early hearing. Therefore, we are granting Stay for six months or till the disposal of the appeal whichever is earlier with the direction that the assessee will pay Rs.50 lakhs in two instalments. First installment of Rs. 30 lacs should be paid by the assessee on or before 31/01/2020 and second installment of Rs. 20 lacs will be paid on or before 28.02.2020. If the assessee failed to comply with this direction the stay will get automatically vacated. The registry is directed to list the appeal being ITA No. 9266/Del/2019 for hearing on 03.03.2020 before "C" Bench. We would also like to make it clear that on 2 SA No.1/Del/2020 the fixed date of hearing of the appeal, the assessee will not seek any adjournment. If any unreasonable adjournment is sought by the assessee, the Bench will be at liberty to withdraw the stay granted to the assessee. Dasti of the order be given to both the parties.
5. In the result, the Stay Application filed by the assessee is allowed.
Order pronounced in the open court on this 17th day of January, 2020.
Sd/- Sd/-
(R.K. PANDA) (SUCHITRA KAMBLE)
ACCOUNTANT MEMBER JUDICIAL MEMBER
Dated: 17 January, 2020
dk
Copy forwarded to :
1. Appellant
2. Respondent
3. CIT
4. CIT(A)
5. DR
Dy. Registrar, ITAT, New Delhi
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