Income Tax Appellate Tribunal - Pune
M/S. B.S. Industries,, Aurangabad vs Deputy Commissioner Of Income-Tax, ... on 29 November, 2019
आयकर अपील य अ धकरण] पण
ु े यायपीठ "ए" पण
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IN THE INCOME TAX APPELLATE TRIBUNAL
PUNE BENCH "A" PUNE
BEFORE SHRI ANIL CHATURVEDI, AM AND
SHRI S.S. VISWANETHRA RAVI, JM
आयकर अपील सं . / S.A. No.64/PUN/2019
(Arising out of ITA No.585/PUN/2019
नधा रण वष / Assessment Year : 2010-11
M/s. B.S. Industries, .......... अपीलाथ /
Gate No.86, Vairagarh, Appellant
Lasur Station,
Tq. Gangapur,
Dist. Aurangabad.
PAN : AAIFB6144N
बनाम v/s
The Dy. Commissioner of Income Tax, .......... यथ /
Circle - 1, Aurangabad.
Respondent
Assessee by : Shri Suresh Khandelwal.
Revenue by : Shri S.P. Walimbe
सन
ु वाई क तार ख / घोषणा क तार ख /
Date of Hearing : 29.11.2019 Date of Pronouncement: 29.11.2019
आदे श / ORDER
PER ANIL CHATURVEDI, AM :
Through the present stay application, the assessee wants us to stay the tax demand for A.Y. 2010-11.
2. Before us Ld.A.R. submitted the disputed tax demand has mainly arisen due to the addition of Rs.35 lakhs on account of loans from M/s. East West Finvest India Ltd., and interest payment of Rs.71,822/- on said loans. He submitted that the assessee has a 2 prima facie strong arguable case. He further submitted that against the total tax demand of Rs.21,37,610/-, assessee has paid Rs.5.27 lakhs and Revenue has adjusted refunds of subsequent years to Rs.10.60 lakhs and the net outstanding tax demand now is of Rs.5.50 lakhs. He therefore submitted that the entire tax demand be stayed and an early hearing of the appeal be granted. Ld. D.R. on the other hand did not controvert the submissions of Ld.A.R. but opposed the stay application.
3. We have heard the rival submissions and perused the material on record. We find that against the disputed tax demand of Rs.21,37,610/-, assessee has already paid substantial amount of Rs.10.60 lakhs and the net outstanding demand is of Rs.5.50 lakhs. The aforesaid factual position has not been disputed by Revenue. We therefore grant stay of the outstanding disputed tax demand for a period of 180 days from the date of this order or till disposal of the appeal, whichever is earlier subject to the following conditions :
(a) If a Paper Book is desired to be filed by the assessee, then the same should be submitted well in advance as prescribed in ITAT Rules.
(b) That the assessee shall not seek frivolous adjournment.
(c) In case of breach of the above conditions, the stay granted shall automatically get vacated and the matter would be heard in ordinary course.
The assessee's appeal is fixed for hearing on 09.01.2020. 3
4. In the result, the stay application filed by the assessee is allowed.
Order pronounced on 29th day of November, 2019.
Sd/- Sd/- (S.S. VISWANETHRA RAVI) (ANIL CHATURVEDI) या यक सद"य / JUDICIAL MEMBER लेखा सद"य / ACCOUNTANT MEMBER पण
ु े Pune; दनांक Dated : 29th November, 2019. Yamini आदे श क$ % त'ल(प अ)े(षत/Copy of the Order forwarded to :
1. अपीलाथ / The Appellant
2. यथ / The Respondent
3. The CIT(A)-1, Aurangabad.
4. The Pr.CIT-1, Aurangabad.
5. "वभागीय %त%न&ध, आयकर अपील य अ&धकरण, "ए" / DR, ITAT, "A" Pune;
6. गाड, फाईल / Guard file.
आदे शानस ु ार/ BY ORDER,स या // TRUE COPY // व.र/ठ %नजी स&चव / Sr. Private Secretary आयकर अपील य अ&धकरण ,पण ु े / ITAT, Pune.