Income Tax Appellate Tribunal - Chandigarh
M/S Infrastructure Development Fund , ... vs Dcit(Exemption), Chandigah on 3 June, 2020
आयकर अपील य अ धकरण,च डीगढ़ यायपीठ, "ए " च डीगढ़
I N T H E I NC OM E T A X A P PEL L A TE T RI B U N AL
D I VI SI O N B E NC H, ' A ' C H A N D I G A RH
ी एन. के. सैनी, उपा य एवं ी संजय गग , या यक सद य
BEFORE SHRI N.K. SAINI, VICE PRE SIDENT &
SHRI SANJAY GARG, JUDICIAL ME MBER
S.A. No. 24/CHD/2020
(in ITA. No. 220/Chd/2020)
नधा रण वष / A.Y : 2016-17
M/s Infrastructure Development Fund, बनाम The DCIT (Exemptions),
Nagar Yogna Bhawan, Plot No.3, Chandigarh
Block-A, Sector 18-A, Madhya Marg,
Chandigarh
थायी ले खा सं./PAN NO:AAALI1369K
अपीलाथ%/Appellant &'यथ%/Respondent
नधा (रती क* ओर से/Assessee by : Shri Parikshit Aggarwal, CA
राज व क* ओर से/ Revenue by : Shri Arvind Sudershan, JCIT
सन
ु वाई क* तार.ख/Date of Hearing : 03.06.2020
उदघोषणा क* तार.ख/Date of Pronouncement : 03.06.2020
आदे श/Order
Per Sanjay Garg, Judicial Member:
The present is an Application moved by the assessee seeking stay against recovery of outstanding tax demand and interest thereupon etc. for the year under consideration.
2. It has been pleaded that applicant is a Government run organization created for the purpose of collection and management of fund for development of major infrastructure projects in the state of Haryana. That the applicant / assessee for the year under consideration Stay No. 24-c-2020 in ITA No. 220-c-2020- M/s Infrastructure Development Fund, Chandigarh 2 has already deposited more than 62% of the outstanding demand against the assessee. That the appeals of the assessee on similar issue for earlier years are also pending before the Tribunal and that the matter for the assessment years 2009-10, 2013-14 & 2014-15 has already been heard by the Tribunal. That the assessee has a fair case on merits. That even as per the CBDT Circular dated 29.2.2016, as amended on 31.7.2017, the Stay can be granted during the pendency of an appeal subject to deposit of 20% of the outstanding demand that further in extraordinary circumstances even insistence of deposit of 20% should not be made. However, the assessee has already deposited more than 62% of the outstanding demand. That even in the present scenario of slow down in view of Covid-129 Pandemic, the assessee is otherwise running short of funds.
It has, therefore, been prayed that the recovery of the outstanding demand alongwith interest etc. be stayed during the pendency of the appeal.
3 The Ld. DR, though, opposed the application, however, has been fair enough to admit that more than 62% of the outstanding demand has already been deposited by the assessee.
4. Considering the overall facts and circumstances of the case, the recovery of the remaining demand is stayed for a period of 180 days or till the disposal of the appeal, whichever is earlier. It is made clear that Stay No. 24-c-2020 in ITA No. 220-c-2020- M/s Infrastructure Development Fund, Chandigarh 3 the assessee will not seek any unnecessary adjournments, in default of which, the Revenue will be at liberty to move an application for vacation of the Stay. Further, our observations made above will have no bearing at the time of the final disposal of the case.
The case is fixed for hearing out of turn on 09.07.2020 which is pronounced in the Court. No separate notice of hearing be issued.
The stay application is disposed of in terms of our above directions.
Order pronounced in the Open Court on 03.06.2020.
Sd/- Sd/- (एन. के. सैनी / N.K. SAINI) (संजय गग / SANJAY GARG) उपा"य# /Vice President या$यक सद%य/ Judicial Member Dated : 03.06.2020 "आर.के."
आदे श क* & त3ल4प अ5े4षत/ Copy of the order forwarded to :
1. अपीलाथ%/ The Appellant
2. &'यथ%/ The Respondent
3. आयकर आयु6त/ CIT
4. आयकर आयु6त (अपील)/ The CIT(A)
5. 4वभागीय & त न8ध, आयकर अपील.य आ8धकरण, च:डीगढ़/ DR, ITAT, CHANDIGARH
6. गाड फाईल/ Guard File आदे शानुसार/ By order, सहायक पंजीकार/ Assistant Registrar