Income Tax Appellate Tribunal - Mumbai
Shri Satinder Jainarayan Sharma, ... vs Income Tax Officer Ward 2(2), Thane on 3 August, 2018
IN THE INCOME TAX APPELLATE TRIBUNAL,
MUMBAI BENCH "J", MUMBAI
BEFORE SHRI AMARJEET SINGH, JUDICIAL MEMBER AND
SHRI RAJESH KUMAR, ACCOUNTANT MEMBER
SA No.337/M/2018
(Arising out of ITA No.4133/M/2018)
Assessment Year: 2011-12
Shri Satinder Jainarayan Income Tax Officer,
Sharma, Ward-2(2),
C-203, Thane
Sonam Sangeet Phase-I,
Near Golden Nest Police
Vs.
Chowki,
Old Golden,
Nest Phase-I,
Bhayander (East),
Mumbai - 401 105
PAN: ANUPS 3562L
(Appellant) (Respondent)
Present for:
Assessee by : Shri Paresh Shah, A.R.
Revenue by : Shri S.K. Bepari, D.R.
Date of Hearing : 03.08.2018
Date of Pronouncement : 03.08.2018
ORDER
Per Rajesh Kumar, Accountant Member:
By this stay application, the assessee seeks the stay of outstanding demand of Rs.48,35,647/- which was credited vide ex-parte assessment framed under section 144 of the Act vide order dated 06.03.2014 passed by the Assessing Officer.
2. The Ld. A.R. submitted before the Bench that the assessee is a small entrepreneur conducting business as proprietor of M/s. S.K. Foundry. The Ld. A.R. submitted that a total demand of Rs.66,04,410/- was credited out of which Rs.17,68,673/- already stands deposited and only SA No.337/M/2018 2 (Arising out of ITA No.4133/M/2018) Shri Satinder Jainarayan Sharma Rs.48,35,647/- is outstanding meaning thereby that more than 26% of the total demand has already been paid. The Ld. A.R., while referring to the bank account of the assessee a copy of which is filed in the paper book at page No.32 to 36, tried to explain that assessee is not in a position to deposit any further tax as the assessee has hardly any liquidity of funds. The Ld. A.R. submitted that the accounts of the assessee has already been attached by the Department. It was also stated by the Ld. A.R. that if the assessee is forced to pay the entire demand outstanding against him, the business of the assessee would be adversely affected and would cause an irreparable loss to the assessee. The Ld. A.R. finally prayed that the outstanding demand may kindly be stayed with out of turn early hearing of the matter so that the appeal could be disposed of on merit as the assessee has a very good case on merit also.
3. The Ld. D.R., on the other hand, opposed to the arguments of the Ld. A.R. and submitted that the entire demand should be deposited and the stay application of the assessee should be dismissed.
4. We have heard the rival submissions of both the parties and perused the material on record. We find that the assessee has already deposited more than 26% of the total demand created and the outstanding is only Rs.48,35,647/-. We also observe from the bank statement of the assessee as filed at page No.32 to 36 paper book that assessee has hardly any bank balance to deposit the demand. Under these circumstances, we are of the view that assessee can not be SA No.337/M/2018 3 (Arising out of ITA No.4133/M/2018) Shri Satinder Jainarayan Sharma forced to deposit the entire amount and the case of the assessee has to be treated leniently as the balance of convenience is also weighs in favour of the assessee. We, therefore, direct the assessee to deposit Rs.1.00 Lakh within a period of seven days from the date of receipt of this order and hearing of the case is posted for out of turn hearing on 04.09.2018. Since both the parties were informed in the open court, the service of notice is dispensed with. The assessee is directed not to seek adjournment without any sufficient reason failing which the stay of demand would subject to vacation.
5. The balance outstanding demand is stayed for a period of 180 days or disposal of appeal whichever is earlier. The stay application of the assessee is disposed of as discussed hereinabove.
Order pronounced in the open court on 03.08.2018.
Sd/- Sd/-
(Amarjeet Singh) (Rajesh Kumar)
JUDICIAL MEMBER ACCOUNTANT MEMBER
Mumbai, Dated: 03.08.2018.
* Kishore, Sr. P.S.
Copy to: The Appellant
The Respondent
The CIT, Concerned, Mumbai
The CIT (A) Concerned, Mumbai
The DR Concerned Bench
//True Copy// [
By Order
Dy/Asstt. Registrar, ITAT, Mumbai.