Income Tax Appellate Tribunal - Chennai
Handy Waterbase India Private Limited, ... vs Dcit Company Circle 2(2), Chennai on 8 January, 2021
आयकर अपील य अ धकरण, ' बी' याय पीठ, चे नई
IN THE INCOME TAX APPELLATE TRIBUNAL , 'B' BENCH, CHENNAI
ी वी. दग
ु ा राव, या यक सद य एवं ी जी. मंजुनाथ , लेखा सद य के सम%
BEFORE SHRI V.DURGA RAO, JUDICIAL MEMBER
AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER
Stay P etition No.196/Chny/2020
[In IT A No.422/Chny/2020]
( नधारणवष / Assessm ent Year: 2009-10)
M/s. Handy Waterbase India Vs The Deputy Commissioner of
Pvt.Ltd. Income Tax,
37, Thapar House, Montieth Road, Company Circle-II (2),
Egomore, Chennai-600 008. Chennai.
PAN:AABC H 04 40B
( ाथ क /Petitioner) ( यथ /Respondent)
ाथ क क ओरसे/ Petitioner by : Mr. N.Vijayakumar, CA
यथ क ओरसे/Respondent by : Mr. Suresh Periasamy,JCIT
सुनवाई क तार ख/Dat e o f hear ing : 08.01.2021
घोषणा क तार ख /Date of P r on ou n ce m ent : 08.01.2021
आदे श / O R D E R
PER G. MANJUNATHA, ACCOUNTANT MEMBER:
The assessee has filed present stay application seeking stay for outstanding demand of `1,04,75,849/- for the assessment year 2009-10.
2. The learned AR for the assessee, at the time of hearing, submitted that assessee is engaged in the business of production and export of pasteurized crab meat has filed its return of income for assessment year 2009-10 on 30.09.2009 declaring total income of `73,15,454/- and computed book profit of ` 10,18,47,042/- u/s. 115JB of the Act. The assessment has been completed u/s.143(3) on 19.03.2013 assessing total income of ` 2 S.P No. 196 /Chny/2020 10,53,62,420/- by making addition towards disallowance of deduction claimed u/s. 10B of the Act on the ground that assessee is not engaged in manufacture of article or thing. The Assessing Officer has made additions towards disallowance of a sum of ` 50.00 lakhs u/s. 40(a)(iii) of the Act and further made addition of `2,338/- u/s. 14A read with Rule 8D of the Act. The AR further submitted Tribunal has granted stay for outstanding demand vide order dated 12.06.2020 in S.P. No.133/Chny/2020, after considering prima-facie merits of the case and also the fact that assessee has paid almost 75% of disputed demand . Further, appeal of the assessee has come up for hearing on various dates, but could not be heard due to various reasons including ongoing lock down on account of Covid-19 pandemic and hence delay in disposal of appeal cannot be attributed to assessee. Therefore considering the fact that the assessee has paid 75% of disputed demand, stay may be granted for balance outstanding demand for a period of six months or till the disposal of appeal, whichever is earlier.
3. The learned DR, on the other hand, fairly admitted that assessee has paid more than 75% of disputed demand and hence 3 S.P No. 196 /Chny/2020 stay may be granted for balance outstanding demand, till the disposal of appeal filed by assessee .
3. We have heard both parties and after considering relevant facts including payment of tax by the assessee towards disputed demand which is almost 75% of total demand raised by Assessing Officer, we are of the considered view that it is a fit case for granting stay for a period of three months in respect of balance outstanding demand, till the disposal of appeal by the Tribunal, whichever is earlier. Accordingly, balance outstanding demand of ` 1,04,75,849/- is stayed for a period of three months from the date of this order, or till the disposal of appeal by the Tribunal, whichever is earlier. We make it clear that the assessee shall not seek any adjournment when the appeal comes up for hearing unless otherwise warranted under extreme circumstances. In case, assessee seeks adjournment without any valid reasons, the stay granted shall stand automatically vacated.
4. In the result, stay application filed by the assessee is disposed off in the terms of our observations hereinabove.
Order pronounced in the open court on 8th January, 2021 Sd/- Sd/-
( वी. दग
ु ा राव ) (जी.मंजुनाथ)
( V.Durga Rao ) ( G.Manjunatha )
या यक सद य /Judicial Member लेखा सद य / Accountant Member
4
S.P No. 196 /Chny/2020
चे नई/Chennai,
"दनांक/Dated 8th January, 2021
DS
आ दे श क त&ल'प अ*े'षत/Copy to:
1. Appellant 2. Respondent 3. आ यकर आ यु+त (अपील)/CIT(A)
4. आ यकर आ यु+त/CIT 5. 'वभागीय त न1ध/DR 6. गाड फाईल/GF.