Income Tax Appellate Tribunal - Pune
Vintage Enterprises, Raigad vs Acit Cir Panvel, Panvel on 21 February, 2020
IN THE INCOME TAX APPELLATE TRIBUNAL
PUNE BENCH "B", PUNE
BEFORE SHRI George Mathan, Judicial Member and
Shri Anil Chaturvedi, Accountant Member
Stay Petition No. 06/PUN/2020
Arising out of I.T.A. No. 3469/MUM/2016
Assessment Year: 2008-09
M/s. Vintage Enterprises
Shop No. 01, Patel Paradise
Plot No. 01, 31 & 32, Sector 35(E)
Owe - Kharghar
Navi Mumbai - 410 210
PAN; AAFFV 5688 J Applicant
Vs.
The Dy. CIT Panvel Circle, Panvel Respondent
Appellant by: Shri M. Subramanian
Respondent by: Shri Deepak Garg
Date of hearing: 21-02-2020
Date of Pronouncement: 21-02-2020
ORDER
PER GEORGE MATHAN, JUDICIAL MEMBER:
This stay petition is filed by the assessee arising out of I.T.A. No. 3469/MUM/2016 for A.Y. 2008-09.
2. Shri M. Subramanian is represented for the assessee and Shri Deepak Garg is represented for the Revenue.
3. It was submitted by the learned A.R that the total demand in the present case was an amount of Rs. 1,49,06,370/-. The assessee has paid an amount 2 Stay Petition No. 06 of 2020 (ITA No. 3469/MUM/2016) A.Y. 2008-09 Vintage Enterprises of Rs. 41,00,000/- and the balance of Rs. 1,08,06,370/- is outstanding payment. It was his submission that the issue in the appeal is in relation to the sale of land at Nevali village. It was his submission that the Assessing Officer made an addition of Rs. 16,93,90,000 as cash consideration and Rs. 3,90,90,000/- as cheque consideration. It was his submission that consequently a substantial demand has been raised on the assessee which came to be reduced on appeal before the CIT(A). As against the income assessed at Rs. 20,84,80,000/-, in appeal before the CIT(A) the total income was reduced to Rs. 5,26,00,000/-. It was his submission that the assessee has substantially a strong case in appeal. It was also his submission that the assessee had been granted stay of recovery of disputed taxes on two earlier occasions in Stay Petition No. 5/PUN/2019 dated 1-2-2019 and in Stay Petition No. 46/PUN/2019 dated 5-8- 2019. It was his prayer that the assessee be granted stay of recovery of the disputed taxes.
4. In reply, the learned D.R vehemently opposed the stay petition. It was his submission that the assessee has already been granted stay of recovery of the disputed taxes for more than 365 days. It was his submission that the petition is liable to be dismissed. It was his submission that if at all, the assessee may be granted installments.
5. We have heard the rival contentions and perused the material on record. Considering the facts in the present case and without going into the merits of the impugned addition, it is noted that at the outset, the assessee has not shown any financial difficulties in respect of the payment of disputed taxes. However, in the interest of justice, it is directed that the assessee be granted installment scheme of Rs. 5,00,000/- p.m. The first installment is to be paid on 3 Stay Petition No. 06 of 2020 (ITA No. 3469/MUM/2016) A.Y. 2008-09 Vintage Enterprises or before 15th March 2020 and subsequent installment on or before 15th of every succeeding month. The assessee shall not seek any adjournment on the next date of hearing. If the assessee seeks adjournment on the next date of hearing, the installments scheme granted to the assessee shall stand vacated automatically.
4. In the result, the stay petition is partly allowed.
Order pronounced in open Court on this 21st day of February 2020.
Sd/- sd/-
(ANIL CHATURVEDI) (GEORGE MATHAN)
Accountant Member Judicial Member
Pune; Dated : 21st February 2020.
Ankam
Copy of the Order is forwarded to :
1. Assessee
2. Respondent
3. The CIT(A) 2 Thane
4. The Pr. CIT 2 Thane
5. The Assessing Officer
6. The D.R. ITAT Pune Bench 'B'
7. Guard file
True copy
By order
Sr. Private Secretary
ITAT Pune Bench, Pune
4 Stay Petition No. 06 of 2020
(ITA No. 3469/MUM/2016)
A.Y. 2008-09
Vintage Enterprises
1 Draft dictated on 21.02.2020 Sr. PS/PS
2 Draft placed before author 21.02.2020 Sr. PS/PS
3 Draft proposed and placed
before the second Member
4 Draft discussed/approved by
second Member
5 Approved draft comes to the Sr. 21-02-2020 Sr. PS/PS
PS/PS
6 Kept for pronouncement on Sr. PS/PS
7 Date of uploading of order Sr. PS/PS
8 File sent to Bench Clerk 21-02-2020 Sr. PS/PS
9 Date on which the file goes to
the Head Clerk
10 Date on which file goes to the
A.R
11 Date of dispatch of order