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2020 (4) TMI 536 - AT - Income TaxGrant of stay of outstanding demand - HELD THAT - Out of total demand of ₹ 3,10,31,970, the assessee has already deposited a sum of ₹ 50,62,022. Considering the facts and circumstances of the case, the assessee is directed to deposit a further sum of ₹ 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. The matter is directed to be listed for hearing on 16.03.2020 as stay granted matter.
Issues: Stay of demand pending appeal before ITAT Jaipur Bench
Analysis: The stay application arose from ITA No. 124/JP/2020 for A.Y 2014-15 where the assessee sought relief against a cumulative demand of ?3,10,31,670 raised under section 156 based on the assessment order dated 29.12.2018. The assessee declared a total income of ?62,94,620, but the assessing officer determined the total income at ?8,14,02,210 by adding ?7,51,07,591 as alleged bogus Long Term Capital Gain. The assessee appealed before the CIT(A)-1, Jaipur against the assessment order and requested a stay of demand by paying ?50,62,022 as per CBDT instructions. The CIT(A)-1 dismissed the appeal on 16.01.2020, confirming the addition and resulting in a remaining demand of ?2,59,69,650. The assessee highlighted that the CIT(A) went against various direct judgments passed by the jurisdictional ITAT Jaipur Bench. Considering the submissions, the ITAT Jaipur Bench directed the assessee to deposit a further sum of ?15,00,000 by 28.02.2020, in addition to the already deposited amount, to stay the balance demand for three months or until the appeal's disposal. The Department was instructed not to take coercive/recovery steps during this period. The matter was scheduled for a hearing on 16.03.2020, and the assessee was directed not to seek adjournment and to submit any necessary documents in advance. The stay application was disposed of based on these directions pronounced in the open Court on 07/02/2020.
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