Income Tax Appellate Tribunal - Hyderabad
Gvk Industries Limited, Secunderabad vs Addl. Commissioner Of Income Tax, ... on 19 March, 2018
IN THE INCOME TAX APPELLATE TRIBUNAL
HYDERABAD BENCH "B", HYDERABAD
BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER
AND SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER
S.A. No.91/Hyd/2018
(in ITA No. 1752/Hyd/2017
Assessment Year: 2010-11)
&
S.A. No.92/Hyd/2018
(in ITA No. 1753/Hyd/2017
Assessment Year: 2011-12)
GVK Industries Limited, vs. ACIT, Circle - 2(2),
Secunderabad. Hyderabad.
PAN - AAACG7499J
(Appellant) (Respondent)
Assessee by : Shri V. Siva Kumar
Revenue by : Shri K.J. Rao
Date of hearing : 19-03-2018
Date of pronouncement : 19-03-2018
ORDER
PER D.S. SUNDER SINGH, A.M:
The assessee has filed the petitions for grant of stay demand of Rs. 3.91 crores for the A.Y 2010-11 and Rs. 42.39 crores for the A.Y 2011-12 respectively.
2. The Ld. AR of the assessee has argued that the assessee has fair chances for succeeding in appeal on merits. The Ld. AR further stated that the assessee is going through difficult financial stage and not in a position to 2 S.No. 91 & 92/Hyd/2017 GVK Industries Limited, Hyd.
make the payment of the demand, hence requested for grant of stay till disposal of the appeal. On the other hand the Ld. DR argued that the Ld. CIT has confirmed the additions made by the A.O and discussed the issues at length and the demand outstanding is very large. With regard to the financial position of the assessee the Ld. DR argued that the balance sheet filed by the assessee as on 31 Dec 2017 indicates sufficient current assets to make the payment of demand hence opposed for granting of stay.
3. We have heard the both the parties and perused the material placed on record gone through the financial statements and grant the stay of demand for 90 days subject to payment of 10% of the outstanding demand on or before 26 March 2018. In case the assessee fails to make the payment of demand as specified the stay granted to the assessee automatically stands withdrawn and the department is free to enforce the demand as per law.
Sd/- Sd/-
(P. MADHAVI DEVI) (D.S. SUNDER SINGH)
JUDICIAL MEMBER ACCOUNTANT MEMBER
Hyderabad, Dated: 19 th March , 2018. 3
S.No. 91 & 92/Hyd/2017 GVK Industries Limited, Hyd.
KRK 1 GVK Industries Ltd., 156-159, Paigah House, S.P. Road, Secunderabad.
2 Asst CIT, Circle-2(2), Hyderabad. 3 CIT(A)-9, Hyderabad.
4 The Pr. CIT-2, Hyderabad.
5 The DR, ITAT Hyderabad 6 Guard File