Income Tax Appellate Tribunal - Chennai
Soumys Exports (Since Dissolved), ... vs Acit, Tiruppur on 3 February, 2017
आयकर अपील य अ धकरण, 'बी' यायपीठ, चे नई।
IN THE INCOME TAX APPELLATE TRIBUNAL
'B' BENCH: CHENNAI
ी एन.आर.एस. गणेशन, या यक सद य एवं
ी "ड.एस. सु दर %संह, लेखा सद य के सम*
BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND
SHRI D.S.SUNDER SINGH, ACCOUNTANT MEMBER
Stay Application No.29/Mds/2017
(in ITA No.288/Mds/2017)
नधा+रण वष+ /Assessment Year: 2010-11
M/s.Soumys Exports (since Vs. The Asst. Commissioner of
Dissolved), rep. by its erstwhile Income Tax, Circle-I,
partner Mr.M.Muthunatarajan, Tiruppur.
No.374/4, No.15, Velampalayam
Main Road, Anupparpalayam,
Pudur, Tirupur-641 625
[PAN: AALFS 7177 B]
(अपीलाथ./Petitioner) (/0यथ./Respondent)
अपीलाथ. क1 ओर से/ Appellant by : Mr.K.Ravi, Adv.
/0यथ. क1 ओर से /Respondent by : Mr.Shiva Srinivas, JCIT
सन
ु वाई क1 तार ख/Date of Hearing : 03.02.2017
घोषणा क1 तार ख /Date of Pronouncement : 03.02.2017
आदे श / O R D E R
PER D.S.SUNDER SINGH, ACCOUNTANT MEMBER:
In this case, the assessment was completed u/s.143(3) r.w.s.147 on total income of ₹65,47,499/- resulting in demand of ₹25,24,900/- and the assessee filed Stay Application seeking stay of recoveries by the AO. S.A. No.29/Mds/2017
(in ITA No.288/Mds/2017) :- 2 -:
2.0 Appearing for the assessee, the Ld.AR argued that the issue involved in this case is valuation of building resulting in capital gains u/s.45(4) of Income Tax Act. The AO has passed Assessment Order in the name of M/s.Soumy's Exports which was merged with the Green Apparels.
The assessee is having good chances to succeed in appeal and the assessee company is facing financial problems. Enforcement of demand would cause financial hardship to the assessee. Therefore, the Ld.AR of the assessee requested for grant of stay of demand. On the other hand, the Ld.DR opposed for the stay of recovery proceedings. 3.0 We heard the rival submissions and convinced on the facts that the payment of demand would cause hardship to the assessee and it is a fit case for keeping the demand in abeyance. Accordingly, we stay the recovery of the outstanding demand for a period of six months subject to condition that the assessee should not seek any adjournment on the date of hearing. In case the assessee seeks adjournment, the stay granted stands vacated automatically and department is at liberty to enforce the recovery.
S.A. No.29/Mds/2017
(in ITA No.288/Mds/2017) :- 3 -:
4.0 In the result, the stay application of the petitioner is allowed.
Order pronounced in the Open Court on 3rd February, 2017, at Chennai.
Sd/- Sd/-
(एन.आर.एस. गणेशन) ("ड.एस. सु दर %संह)
(N.R.S. GANESAN) (D.S.SUNDER SINGH)
या यक सद य/JUDICIAL MEMBER लेखा सद य/ACCOUNTANT MEMBER
चे नई/Chennai,
6दनांक/Dated: 3rd February, 2017.
tln
आदे श क1 / त%ल7प अ8े7षत/Copy to:
1. अपीलाथ./Petitioner 4. आयकर आयु9त/CIT
2. /0यथ./Respondent 5. 7वभागीय / त न ध/DR
3. आयकर आयु9त (अपील)/CIT(A) 6. गाड+ फाईल/GF