9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (10) TMI 526 - AT - Income TaxStay orders - recovery orders - Held that - In this case, the assessee has paid substantial amount of ₹ 50 lakhs out of ₹ 1,38,79,161/-, which consisted of ₹ 98,35,011/- and ₹ 40,44,150/- towards tax and interest levied u/s.234A, 234B & 234C of the Act respectively. In view of this, we are inclined to grant conditional stay that the assessee shall pay ₹ 10 lakhs on or before 10.5.2016. Accordingly, recovery of balance amount is stayed for a period not exceeding 180 days from the date of this order or till the disposal of the appeal by the Tribunal, whichever is earlier. Further, we make it clear that the assessee shall not seek any unnecessary adjournment on the date of hearing. If the assessee wants to file any paper book, the same should be filed on or before 10.5.2016. Accordingly, the Stay Petition is disposed of with the above observations.
Issues: Stay of outstanding disputed demand
Analysis: The assessee sought a stay of the outstanding disputed demand of ?88,79,161. The total outstanding demand was ?1,38,79,161, out of which the assessee had already paid ?50 lakhs. The main contention was an addition of ?3,01,04,150 on account of a bogus claim of expenses related to job work activities like embroidery, stitching, checking, and sequencing. The assessee argued that the expenses were genuine as they were admitted by the respective parties in their statements. The assessee claimed to have a prima facie case in its favor and requested the stay based on the amount already paid and the merits of the case. The Departmental Representative (DR) opposed the stay, highlighting the lack of evidence showing financial hardship faced by the assessee. After hearing both parties and examining the material on record, the Tribunal noted that the assessee had paid a significant amount of ?50 lakhs out of the total demand. The Tribunal granted a conditional stay, requiring the assessee to pay ?10 lakhs by a specified date. The recovery of the balance amount was stayed for a period not exceeding 180 days from the date of the order or until the disposal of the appeal by the Tribunal, whichever was earlier. Additionally, the Tribunal directed that the assessee should not seek unnecessary adjournments during the hearing and instructed the filing of any necessary documents by a specified deadline. The Tribunal issued the order on April 8, 2016, in Chennai, disposing of the Stay Petition with the outlined conditions.
|
