Income Tax Appellate Tribunal - Chennai
V N Devadoss Huf, Chennai vs Acit, Ncc-10(1), Chennai on 18 January, 2019
आयकर अपील य अ धकरण, 'ए' यायपीठ, चे नई।
IN THE INCOME TAX APPELLATE TRIBUNAL
'A' BENCH: CHENNAI
ी इंटूर रामा राव, लेखा सद य एवं
ी ध ु वु आर.एल. रे डी, या यक सद य के सम
BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND
SHRI DUVVURU R.L.REDDY, JUDICIAL MEMBER
Stay Petition No.11/Chny/2019
(In ITA No.3359/Chny/2018)
नधा!रण वष! /Assessment Year: 2012-13
Shri V.N.Devadoss HUF, Vs. The Asst. Commissioner -
No.208, Poonamalle High Road, of Income Tax,
Aminjakarai, Non-Corporate Circle-10(1),
Chennai-600 029. Chennai.
[PAN: AAAHV 2596 J]
(अपीलाथ$/Appellant) (%&यथ$/Respondent)
अपीलाथ$ क' ओर से/ Appellant by : Mr.K.M.Mohandass, CA
%&यथ$ क' ओर से /Respondent by : Ms.S.Vijayaprabha, JCIT
सुनवाई क' तार ख/Date of Hearing : 18.01.2019
घोषणा क' तार ख /Date of Pronouncement : 18.01.2019
आदे श / O R D E R
PER INTURI RAMA RAO, ACCOUNTANT MEMBER:
This stay petition filed by the assessee seeking stay of demand of Rs.1,14,00,567/- for the AY 2012-13. It is submitted that the demand in question had arisen on account of assessing the gains arising on account of sale of lands as business income instead of capital gains in the re- assessment proceedings. It is further submitted that in the original assessment made u/s.143(3), this issue was examined by the Assessing SP No.11/Chny/2019 (in ITA No.3359/Chny/2018) :- 2 -:
Officer and accepted the claim that the gain should be assessed only under capital gains, no fresh information was brought on record by the Assessing Officer suggesting that the gain should be assessed as business profits. Thus, it was submitted that the petitioner has strong prima facie case in his favour and therefore, the outstanding demand should be stayed.
2. On the other hand, the Ld.DR vehemently opposed the stay petition.
3. We heard the rival submissions and perused the material on record.
4. From the perusal of the orders of lower authorities, it is clear that there is no whisper as to the fresh material brought on record by the Assessing Officer suggesting that the gains made on the sale of lands should be assessed as business profits. In these circumstances, it appears to be a case of change of opinion, based on which, the re-assessment proceedings were initiated. Needless to mention that no re-assessment proceedings are permissible based on the mere change of opinion. Therefore, we are of the considered opinion that the petitioner has a strong prima facie case in his favour and it is fit case to stay balance demand. Accordingly, we stay the balance demand of Rs.1,14,00,567/- till the disposal of the appeal or for a period of six months, whichever is earlier. This stay is subject to condition that the petitioner shall not seek adjournment of hearing of appeal without any just and reasonable cause. SP No.11/Chny/2019
(in ITA No.3359/Chny/2018) :- 3 -:
5. In the result, the stay petition is allowed on the above lines.
Order pronounced on the 18th January, 2019 in Chennai.
Sd/- Sd/-
(ध0ु व1
ु आर.एल. रे 3डी) (इंटूर रामा राव)
(DUVVURU R.L.REDDY) (INTURI RAMA RAO)
या यक सद5य/JUDICIAL MEMBER लेखा सद5य/ACCOUNTANT MEMBER
चे नई/Chennai,
6दनांक/Dated: 18th January, 2019.
TLN
आदे श क' % त7ल8प अ9े8षत/Copy to:
1. अपीलाथ$/Appellant 4. आयकर आय:
ु त/CIT
2. %&यथ$/Respondent 5. 8वभागीय % त न ध/DR
3. आयकर आय:
ु त (अपील)/CIT(A) 6. गाड! फाईल/GF