Income Tax Appellate Tribunal - Mumbai
Jaipur Ipl Cricket P.Ltd, Mumbai vs Asst Cit Cen Cir 13, Mumbai on 20 October, 2017
IN THE INCOME TAX APPELLATE TRIBUNAL "J" BENCH, MUMBAI
BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI PAWAN
SINGH JUDICIAL MEMBER
SA No. 469 & 470/M/2017 (AY 2010-11 & 2011-12)
In
ITA No.1114 & 1113/M/2016
M/s Jaipur IPL Cricket Private DCIT CC-2(3),
Limited 906, Windfall, Sahar Mumbai.
Plaza Complex, Andheri (E),
Mumbai-400059. Versus
PAN No.AABCJ9648P
Applicant Respondent
Applicant by Shri Jishaan Jain (AR)
Respondent by Shri V.Justin -DR
Date of hearing: 20/10/2017
Date of order: 20/10/2017
ORDER
PER PAWAN SINGH, JUDICIAL MEMBER:
1. These two Stay Applications (S.A) are filed by assessee for stay of outstanding demand of Rs. 1,24,13,564/- for Assessment Year (AY) 2010-11 and Rs. 1,37,86,107/- for Assessment Year (AY) 2011-12. The ld. AR of the assessee argued that the assessee has already filed appeal for both the AY on 03.03.2016 vide ITA No. 1113 & 1114/Mum/2016 against the order of Ld CIT(A) dated 31.12.2015. The Registry has fixed both the appeals for 28.12.2017. It was further argued that total tax demand for AY 2010-11 is Rs. 9,59,54,517/- including of interest, out of which the assessee has already paid a sum of Rs. 83540953/-. Similarly, for AY 2011-12 the total tax demand including of interest is Rs. 10,61,37,703/-, out of which the assessee has already paid a sum of Rs. 9,23,51,965/-. Thus, out of total tax demand for both the AY the assessee has paid more than 80% of the tax demand. The ld. AR of the assessee argued that 2 SA No.469 & 470/M/17- M/s Jaipur IPL Cricket Private Limited the assessee has good case on merit and likely to succeed. The assessee would suffer loss in prejudice, if the demand of outstanding balance is not stayed. The ld. AR prayed for fixing the appeal for hearing out of turn basis. On the other hand the ld DR for the revenue opposed the stay application and argued that the assessee be directed to pay some more amount toward the remaining outstanding balance of due tax.
2. We have considered the rival submission of the parties and perused the record. We have seen that the assessee has file appal on 03.03.2016 and the appeal is now fixed for hearing on 28.12.2017. Considering the fact that assessee has already paid about 80% of the tax demand in both the AYs, the remaining tax demand is stayed for three month or till the disposal of appeals, whichever is earlier. Further, considering the prayer of assessee, the date of hearing of the appeal is fixed on 07.11.2017 on out of turn basis. The assessee shall not seek adjournment and will make endeavour for disposal of appeal on the next date of hearing. In case adjournment is sought without any valid reason, the stay shall vacate automatically. With these directions, the application of assessee is disposed off. The issuance of notice for hearing of main appeal is dispensed with as the date of hearing was announced in open court. The assessee is directed to make all endeavours for disposal of appeal on the date fixed.
3. With the above observations, the stay application of assessee disposed off.
Order pronounced in the open court on 20th Oct 2017 Sd- Sd-
(R.C.SHARMA) (PAWAN SINGH)
ACCOUNTANT MEMBER JUDICIAL MEMBER
मब
ुं ई Mumbai; दनांक Dated 20/10/2017
S.K.PS
आदे शक त
ल पअ े षत/Copy of the Order forwarded to :
1. The Appellant
2. The Respondent.
3. The CIT(A), Mumbai.
4. CIT
DR, ITAT, Mumbai BY ORDER,
5.
6. Guard file.
//True Copy/ (Asstt.Registrar)