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Income Tax Appellate Tribunal - Mumbai

M/S.Moraj Realty Private Limited, ... vs Dcit Central Circle 5(2), Mumbai on 22 March, 2019

                 THE INCOME TAX APPELLATE TRIBUNAL
                           "D" Bench, Mumbai
          Before Shri Shamim Yahya (AM) & Shri Pawan Singh (JM)

                   SA No.114/Mum/2019 arising out of
             I.T.A. No. 708/Mum/2019 (Assessment Year 2009-10)

                   SA No.115/Mum/2019 arising out of
             I.T.A. No. 709/Mum/2019 (Assessment Year 2010-11)

          M/s. Moraj Realty Pvt.Ltd.               DCIT CC-5(2)
         (Formerly known as Concept         Vs.    Air India Building
         Land Developers & Builders                Nariman Point
         Pvt. Ltd.)                                Mumbai-400 021.
         Shop No. 28/29, Moraj
         Residency, Plot No. 1
         Sector-16, Sanpada
         Navi Mumbai-400 706.

         PAN : AAACC3394A
         (Appellant)                               (Respondent)

               Assessee by               Shri Pradip Kapasi
               Department by             Shri Nishant Samaiya
               Date of Hearing           22.3.2019
               Date of Pronouncement     22.3.2019

                                  ORDER

Per Shamim Yahya (AM) :

By way of these applications assessee seeks stay of outstanding demand of tax and interest amounting to ` 79,72,090/- for A.Y. 2009-10 and Rs. 1,79,34,772/- for A.Y. 2010-11.

2. The issue in main appeal relates to addition u/s.68 of the Act for amounts taken as share capital from the parties said to be suspicious. Additions have been made on the ground that entries have been taken through hawala operator. Learned Counsel of the assessee submits that all the necessary documents have been furnished hence addition is not justified and the reopening has also been claimed unjustified.

Per contra, learned DR submits that reopening is based upon investigation wing report of involvement of hawala entry operator and he also referred to the recent decision of Hon'ble Apex Court in the case of NRA Iron & Steel Pvt. Ltd. Hence, he submitted that the assessee has not got a prima facie case hence, he strongly opposed grant of stay of demand.

3. Upon careful consideration, in our considered opinion the assessee does not have a prima facie case warranting absolute stay of demand. However, we are inclined to grant an early hearing. The Registry is directed to fix the case on out of turn basis of hearing on 29.4.2019.

5. In the result, this stay request is denied and early hearing is granted.

Order has been pronounced in the Court on 22.3.2019.

                     SD/-                                 SD
                (PAWAN SINGH)                        (SHAMIM YAHYA)
              JUDICIAL MEMBER                     ACCOUNTANT MEMBER

Mumbai; Dated : 22/3/2019

Copy of the Order forwarded to :

     1.   The Appellant
     2.   The Respondent
     3.   The CIT(A)
     4.   CIT
     5.   DR, ITAT, Mumbai
     6.   Guard File.

                                                             BY ORDER,
                //True Copy//

                                                       (Senior Private Secretary)
PS                                                         ITAT, Mumbai