Income Tax Appellate Tribunal - Delhi
M/S. Gruner India Pvt. Ltd., New Delhi vs Dcit, New Delhi on 17 February, 2017
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH: 'FRIDAY 'G' ' NEW DELHI
BEFORE SHRI R. S. SYAL, AM & SHRI KULDIP SINGH, JM
S.A. No.92/Del/2017
(In I.T.A No.771/Del/2017)
Assessment Year : 2012-13
Gruner India Pvt. Ltd., Vs DCIT,
C/o S.S. Kothari Mehta & Co., CAs, Circle-10(2),
146, Tribhuvan Complex, New Delhi
Ishwar Nagar,
Mathura Road,
New Delhi.
PAN: AADCG2938H
(Applicant) (Respondent)
Assessee by: Shri H.P. Aggarwal, Advocate
Revenue by: Shri Pancham Sethi, FCA
Date of Hearing 17.02.2017
Date of Pronouncement 17.02.2017
ORDER
PER R. S. SYAL, AM:
By means of the present stay application, the assessee requires the Tribunal to stay demand of Rs.61,61,160/- inclusive 2 SA No. 92/Del/2017 of interest for the A.Y. 2012-13 till the disposal of the captioned appeal by the Tribunal.
2. We have heard both the sides and perused the relevant material on record. The ld. AR submitted that similar addition, leading to generation of demand in the instant year, was made in the immediately preceding assessment year i.e., 2011-12 and the Tribunal has restored the matter to the file of AO/TPO for a fresh adjudication. On a specific query, it was submitted that the TPO has not so far given effect to the Tribunal's order. In all fairness, it was pointed out that the Tribunal, while dealing with the assessee's stay application for such preceding year, directed the assessee to deposit a sum of Rs.30 lac as against the demand of Rs.3.34 crore. On the other hand, the ld. DR opposed the stay application.
3. Having regard to the facts of the case and considering the entire conspectus, we are inclined to grant stay for a period of six months or till the disposal of appeal, whichever is earlier, subject to the assessee depositing a sum of Rs. 6 lac on or before 10th 3 SA No. 92/Del/2017 March, 2017. The assessee is also granted an early hearing in the matter for 27th March, 2017. Pursuant to the ld. AR agreeing to the above arrangement of payment, an announcement to this effect was made in the open court on the conclusion of hearing. However, this accommodation is subject to furnishing of undertaking to the satisfaction of the Assessing Officer to the effect that assessee will not alienate or dispose of any of its immovable properties till the final disposal of the present appeal. The assessee shall also not be entitled to seek any adjournment without just cause. In case any of the terms and conditions is/are violated, the stay herein granted shall be vacated and appeal shall revert to its original position to be fixed in routine manner. With these observations, and subject to the above terms and conditions, the stay application of the assessee gets disposed of accordingly.
4 SA No. 92/Del/2017
4. In the result, the stay application is allowed in above terms.
Order pronounced in the open Court at the time of hearing i.e. on 17.02.2017.
Sd/- Sd/-
(KULDIP SINGH) (R. S. SYAL)
JUDICIAL MEMBER ACCOUNTANT MEMBER
Dated: 17.02.2017
dk
Copy forwarded to:
1. Appellant
2. Respondent
3. CIT
4. CIT(Appeals)
5. DR: ITAT
ASSISTANT REGISTRAR