Income Tax Appellate Tribunal - Chennai
Sporting Pastime India Limited, ... vs Dcit, Coimbatore on 9 June, 2017
आयकर अपील य अ धकरण, 'बी' यायपीठ, चे नई।
IN THE INCOME TAX APPELLATE TRIBUNAL
'B' BENCH: CHENNAI
ी धु वु आर.एल रे डी या यक सद य एवं
ी ड.एस. सु दर $संह, लेखा सद(य के सम*
BEFORE SHRI DUVVURU RL REDDY, JUDICIAL MEMBER, AND
SHRI D.S.SUNDER SINGH, ACCOUNTANT MEMBER
Stay Petition No.179/Mds/2017
(in ITA No.1484/Mds/2017)
+नधा,रण वष, /Assessment Year: 2013-14
M/s.Sporting Pastime India Ltd., Vs. The Dy. Commissioner of
78, Cheran Towers, Income Tax, Corporate
Govt. Arts College Road, Circle-1, Coimbatore.
Coimbatore-641 018.
[PAN: AABCR 4412 R]
(अपीलाथ//Appellant) (01यथ//Respondent)
अपीलाथ/ क2 ओर से/ Appellant by : Mr.K.Baskar, Adv.
01यथ/ क2 ओर से /Respondent by : Mr.K.Ravi, JCIT
सुनवाई क2 तार ख/Date of Hearing : 09.06.2017
घोषणा क2 तार ख /Date of Pronouncement : 09.06.2017
आदे श / O R D E R
PER D.S.SUNDER SINGH, ACCOUNTANT MEMBER:
The assessee filed Stay Petition requesting for say of demand of Rs.3,52,16,516/-. The assessee argued that a sum of Rs.25.00 Cr. was pending with the Court with regard to ownership of share application money. As per the Court Order the assessee has paid interest of Rs.7,66,43,136/- and an amount of Rs.7.08 Cr is receivable. The AO SP No.179/Mds/2017 (in ITA No.1484/Mds/2017) :- 2 -:
disallowed the payment of interest stating that it is not allowable u/s.37(1) of IT Act. The Ld.AR argued that the assessee is having prima facie case for relief and further a sum of Rs.31.72 Cr. is locked up in the Court due to the High Court Order and facing severe financial problems. Therefore, requested for stay of the demand. On the other hand, the Ld.DR objected for the stay and stated that the assessee has not cooperated with the Department at the time of appeal.
2. We have heard the rival submissions and gone through the record and hold that this is a fit case for stay of demand. Accordingly, we grant the stay for 45 days with a condition that the assessee should not seek any adjournment on the date of hearing.
3. The appeal is fixed for hearing on 19.06.2017 (early hearing) and direct the assessee not to seek the adjournment on the date of hearing. In case, the assessee seeks the adjournment, the stay granted will be automatically vacated and the department is at liberty to collect the demand.
SP No.179/Mds/2017
(in ITA No.1484/Mds/2017) :- 3 -:
4. In the result, the Stay Petition of the Petitioner is allowed.
Order pronounced in the Open Court on 9th June, 2017, at Chennai.
Sd/- Sd/-
(धु वु आर.एल रे डी) ( ड.एस. सु दर $संह)
(DUVVURU RL REDDY)) (D.S.SUNDER SINGH)
या यक सद य/JUDICIAL MEMBER लेखा सद(य/ACCOUNTANT MEMBER
चे नई/Chennai,
8दनांक/Dated: 9th June, 2017.
TLN
आदे श क2 0+त$ल9प अ:े9षत/Copy to:
1. अपीलाथ//Appellant 4. आयकर आय;
ु त/CIT
2. 01यथ//Respondent 5. 9वभागीय 0+त+न ध/DR
3. आयकर आय;
ु त (अपील)/CIT(A) 6. गाड, फाईल/GF