1970-VIL-452-ITAT-JAI

Income Tax Appellate Tribunal JAIPUR

S.A No. 07/JP/2020 (Arising out of ITA No. 124/JP/2020)

Date: 01.01.1970

SHRI ASHOK AGARWAL

Vs

THE ACIT, CIRCLE-01, JAIPUR

JUDGMENT

PER: VIKRAM SINGH YADAV, A.M.

This is a stay application arising out of ITA No. 124/JP/2020 for A.Y 2014-15.

2. In its stay petition, the assessee has submitted as under:-

“We would like to draw your goodself’s attention to along with assessment order dated 29.12.2018 passed u/s 143(3) for the captioned assessment year and order passed u/s 154 dated 20.07.2018 raising a cumulative demand of Rs. 3,10,31,670/- u/s 156 on the assessee. In connection with the same, the assessee would like to submit as under:-

1. The assessee filed its return of income for the captioned assessment year declaring total income of Rs. 62,94,620/-. The assessment was completed by your goodself by passing order u/s 143(3) assessing total income of the assessee at Rs. 8,14,02,210/- by making addition of Rs. 7,51,07,591/- in respect of Long Term Capital Gain by alleging the same to be bogus.

2. That against the assessment order the assessee filed appeal u/s 246A before Commissioner of Income Tax (Appeal)-1, Jaipur and therefore requested for stay of demand, by paying requisite amount of Rs. 50,62,022/- as per instruction issued by Central Board of Direct Taxes vide F. No. 404/72/93-ITCC, vide letter dated 14.02.2017 & 13.08.2018 to your goodself till the disposal of appeal before CIT(A)-1, Jaipur and accordingly stay was granted.

3. That the ld. CIT(A)-1, Jaipur has dismissed the assessee’s appeal vide order u/s 250 dated 16.01.2020 and thereby confirmed the addition so made by your goodself in the assessment order dated 29.12.2018 u/s 143(3). This has resulted in outstanding remaining demand of Rs. 2,59,69,650/- becoming due to be paid immediately by the assessee.

4. That while passing the said judgment the ld. CIT(A) has gone against the various direct judgments passed by jurisdictional ITAT Jaipur Bench. Some of the judgments passed by Hon'ble ITAT Bench as under:

• Hon'ble Jaipur ITAT Bench decision in the case of Shri Gaurav Bagaria v. ITO, ward 2(3 [ITA No. 550/JP/2019]

• Hon'ble Jaipur ITAT Bench decision in the case of DCIT v. Saurabh Mittal [ITA No. 16/JP/2018]

• Hon'ble Jaipur ITAT Bench decision in the case of Shri Pramod Jain v. DCIT [ITA No. 368/JP/2017]

• Hon'ble Jaipur ITAT Bench decision in the case of Shri Ankit Jain v. DCIT [ITA No. 369/JP/2017]

• Hon'ble Jaipur ITAT Bench decision in the case of Shri Sunil Jain v. DCIT [ITA No. 370/JP/2017]

• Hon'ble Jaipur ITAT Bench decision in the case of Shri Nina Jain v. DCIT [ITA No. 371/JP/2017]

• Hon'ble Jaipur ITAT Bench decision in the case of Shri Nisha Jain v. DCIT [ITA No. 372/JP/2017]

Accordingly, the order passed by Id. CIT(A) is not justified and the assessee has filed an appeal against the same before Hon'ble ITAT Jaipur Bench on 29.01.2020 on the duly acknowledged Form 36 is enclosed herewith.

5. That in view of submission in para 4, the assessee does not have liquid funds to deposit the balance demand. The deposition of remaining outstanding demand will adversely impact the assessee's financial position.

Accordingly, it is requested to kindly to grant stay of demand till the disposal of appeal filed before the Hon’ble ITAT, Jaipur Bench.”

3. The ld. DR is heard who has objected to the grant of stay of outstanding demand and submitted that the assessee may be directed to deposit the balance demand.

4. After hearing both the parties and perusing the material available on record, we find that out of total demand of Rs. 3,10,31,970, the assessee has already deposited a sum of Rs. 50,62,022. Considering the facts and circumstances of the case, the assessee is directed to deposit a further sum of Rs. 15,00,000/- on or before 28.02.2020 to which the ld AR has agreed on behalf of the assessee. Subject to the said deposit, the balance demand is stayed for a period of three months or disposal of appeal which is ever and the Department is directed not to take any coercive/recovery steps in this regard.

5. The matter is directed to be listed for hearing on 16.03.2020 as stay granted matter. No separate notice as informed to both the parties in the open Court. The assessee is directed not to seek any adjournment on the scheduled date of hearing and is directed to submit paperbook, if any one week in advance of the scheduled date of the hearing.

In the result, the stay application is disposed off in light of above directions.

Order pronounced in the open Court on 07/02/2020.

 

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