Income Tax Appellate Tribunal - Jaipur
Vaibhav Global Ltd., Jaipur vs Acit, Jaipur on 24 March, 2017
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IN THE INCOME TAX APPELLATE TRIBUNAL,
JAIPUR BENCHES , JAIPUR
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BEFORE: SHRI BHAGCHAND, AM & SHRI KUL BHARAT, JM
Stay Application No. 03/JP/2017
(Arising out of vk;dj vihy la-@IT(T.P.) A No. 01/JP/2017)
fu/kZkj.k o"kZ@Assessment Year : 2012-13
M/s. Vaibhav Global Ltd. cuke The ACIT
(Formerly known as M/s. Vaibhav Gems Vs. Circle- 5,
Ltd. ) K-6B, Fateh Tiba, Adrash Nagar, Jaipur
Jaipur
LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AADCK 6271 H
vihykFkhZ@Appellant izR;FkhZ@Respondent
fu/kZkfjrh dh vksj ls@ Assessee by : Shri Vijay Mehta, CA
jktLo dh vksj ls@ Revenue by : Shri Virendra Mehta -DR
lquokbZ dh rkjh[k@ Date of Hearing : 24/03/2017
?kks"k.kk dh rkjh[k@ Date of Pronouncement : 24 /03/2017
vkns'k@ ORDER
PER BHAGCHAND, AM
The assessee has filed a Stay Application praying therein to stay the demand because the assessee is not in a position to pay the demand raised by the Department.
2.1 During the course of hearing, the ld. AR of the assessee has submitted the following details as to the outstanding demand raised by the Department and the amount paid by the assessee.
2 S.A. No. 03/JP/2016
M/s. Vaibhav Global Ltd. vs. ACIT, Circle- 5, Jaipur .
Amount outstanding Rs.14,97,97,320/-
Amount paid by the assessee Rs. 45,00,000/-
2.2 The ld. AR of the assessee has further submitted that the financial position of the assessee does not allow it to pay the disputed demand. However, the assessee has deposited Rs. 45.00 lacs against the demand for A.Y. 2012-13 as directed by the Bench on 03-03-2017 . The ld. AR of the assessee also prayed that the balance demand of the assessee may be stayed till the disposal of the appeal.
2.3 The ld. DR objected for the stay of the demand and prayed that amount outstanding against the assessee should be deposited. 2.4 We have heard the rival contentions and perused the materials available on record. It may be noted that on 03-03-2017, the assessee prayed for early hearing of the appeal which was accepted by the Bench and the appeal was fixed for hearing on 24-03-2017 with the direction to the assessee to deposit the amount of Rs. 45.00 lacs to the Department within a week and produce the copy of the challan. It is further noted from the available records that the assessee has deposited the amount of Rs. 45.00 lacs with the Department as per the order of the Bench and produced the copy of challan as proof thereof. In view of the request made by the ld. AR of the assessee, the Department is directed not to take 3 S.A. No. 03/JP/2016 M/s. Vaibhav Global Ltd. vs. ACIT, Circle- 5, Jaipur . any coercive action against the assessee for recovery of the balance demand till the disposal of appeal or 180 days from the date of order whichever is earlier.
3.0 In the result, the Stay Application of the assessee is allowed as pronounced in open Court on 24-03-2017.
Sd/- Sd/- ¼dqy Hkkjr½ ¼HkkxpUn½ (KUL BHARAT) (Bhagchand) U;kf;d lnL; /Judicial Member ys[kk lnL;@Accountant Member Tk;iqj@Jaipur fnukad@Dated:- 24/03/ 2017 *Mishra
vkns'k dh izfrfyfi vxzfs "kr@Copy of the order forwarded to:
1. vihykFkhZ@The Appellant- M/s. Vaibhav Global Ltd., Jaipur
2. izR;FkhZ@ The Respondent- The ACIT, Central Circle- 5 , Jaipur
3. vk;dj vk;qDr¼vihy½@ CIT(A).
4. vk;dj vk;qDr@ CIT,
5. foHkkxh; izfrfuf/k] vk;dj vihyh; vf/kdj.k] t;iqj@DR, ITAT, Jaipur
6. xkMZ QkbZy@ Guard File (SA No.03/JP/2017) vkns'kkuqlkj@ By order, lgk;d iathdkj@ Assistant. Registrar