Income Tax Appellate Tribunal - Delhi
Mahesh Chand Agarwal, New Delhi vs Ito, Ward-28(4), New Delhi on 27 February, 2019
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH : SMC : NEW DELHI
BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER
Stay Application No.154/Del/2019
(ITA No.436/Del/2019)
Assessment Year: 2014-15
Mahesh Chand Agarwal, Vs ITO,
B-378, New Friends Colony, Ward-28(4),
New Delhi. New Delhi.
PAN: AADPA1111H
(Applicant) (Respondent)
Assessee by : Shri Prabhat Agarwal, CA,
Revenue by : Shri S.L. Anuragi, Sr. DR
Date of Hearing : 22.02.2019
Date of Pronouncement : 27.02.2019
ORDER
The assessee, through this Stay Application, requests the Tribunal to stay the realization of outstanding demand of Rs.5,82,220/-.
2. The ld. counsel for the assessee, while explaining the stay application, submitted that the assessee is an individual and filed his return of income declaring an income of Rs.6,95,860/- wherein the assessee had claimed long-term capital gain of Rs.16,24,208/- on sale of listed equity shares of M/s HPC Bioscience Limited claiming exemption u/s 10(38) of the IT Act. He submitted that the Assessing Officer did not allow the claim of long-term capital gain of Rs.16,24,208/- claimed u/s 10(38) of the SA No.154/Del/2019 Act and added back the same to the total income of the assessee u/s 68 of the IT Act. The ld.CIT(A) upheld the action of the Assessing Officer. Relying on various decisions he submitted that the assessee has a strong prima facie case in its favour. He submitted that the assessee has already deposited an amount of Rs.1,02,750/- out of the total demand of Rs.6,84,970/- and the amount outstanding is Rs.5,82,220/-. He submitted that the assessee does not have sufficient funds in his bank account and it has only a credit balance of Rs.82,449/- as on 15th March, 2019. He accordingly submitted that full stay should be granted to the assessee on the balance outstanding demand. He also requested for an out-of-turn hearing. The ld. DR, on the other hand, strongly objected to the stay application filed by the assessee and submitted that the assessee should be directed to pay the entire amount forthwith.
3. I have considered the arguments advanced by both the sides and perused the relevant records. After considering the totality of the facts of the case, I direct the assessee to deposit an amount of Rs.2 lakhs in two instalments of Rs.1 lakh each by 10th March, 2019 and 20th March, 2019 respectively and the balance amount is stayed for a period of six months from today or the order of the Tribunal whichever is earlier. The request of the assessee for an out-of-turn hearing is also accepted and the appeal is fixed for hearing on 29th March, 2019 which was announced in the open court. It was further announced that no separate notice of hearing shall be sent to which both the parties agreed.
2 SA No.154/Del/2019
4. In the result, the Stay Application filed by the assessee is allowed in the terms indicated above.
The decision was pronounced in the open court on 27.02.2019.
Sd/-
(R.K. PANDA) ACCOUNTANT MEMFBER Dated: 27th February, 2019 dk Copy forwarded to
1. Appellant
2. Respondent
3. CIT
4. CIT(A)
5. DR Asstt. Registrar, ITAT, New Delhi 3