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TMI Blog2019 (4) TMI 410X X X X Extracts X X X X X X X X Extracts X X X X ..... eal has already been posted on out of turn basis, therefore, we are adjourning the matter to be fixed for hearing on 6th May, 2019. Stay application filed by the assessee is allowed. - Stay No. 116/Del/2019 - - - Dated:- 1-3-2019 - SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER For The Assessee : Shri Raj Kumar, CA And Shri Sumit Goel, CA For The Revenue : Shri Surender Pal, Sr. D.R. ORDER PER AMIT SHUKLA, J.M. : By way of aforesaid stay application, applicant assessee seeks for stay of outstanding demand of ₹ 59,63,15,380/-, out of total demand of ₹ 61,08,15,380/-. The demand is mainly arising out of addition made by the AO on account of valuation of shares after invoking of provision of section 56(2)(viia) read with rule 11UA, whereby AO has valued the difference on transfer of shares at ₹ 1,35,11,59,300/-. 2. The assessee s stay application was listed for hearing on 22.2.2019. On that date, this bench observed as under:- The appellant assessee seeks for stay of outstanding demand of ₹ 59,63,15,380/- out of total demand of ₹ 61,08,15,380/-. The only issue involved is the valuation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rked out then the net aggregate value would be negative, that is Rs. (-)189 crores. Thus, prima facie the entire demand is not enforceable. He further submitted that as per the direction of this Bench on 22nd February, 2019, assessee has already filed the paper book on 25th that is, on Monday and early date was fixed only for the purpose of examining /verifying the figures of calculation given by the assessee. Now that department is seeking adjournment, hence entire demand should be stayed. Apart from that, he submitted that the financial condition of the assessee is not sound as assessee has no means to pay, which is evident from the bank statement of present date which shows that in bank account with Oriental Bank of Commerce assessee s credit balance is ₹ 13,521/- and in Vijaya Bank the credit balance is of ₹ 7,242. Even the balance sheet for the year end 31st March, 2018, shows only net profit is ₹ 21,656/- and operation income was only ₹ 9,51,000/-. The assessee s business has gone down substantially and it has no means to pay such a huge demand. 5. We have heard the aforesaid submissions and also perused the relevant material placed before us. Here ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en by the AO. Further, it has been demonstrated that if overall formula of Rule 11UA of the 22 companies are applied correctly, then difference would be Rs.(- )189.25 crores. The entire working of the calculation has been given by the assessee before us, which according to the Ld. Counsel were submitted before authorities below, but same has not been appreciated correctly either by the AO or by the Ld. CIT (A). The working given by Ld. Counsel is reproduced hereunder:- Rajsheela Growth Fund Pvt. Ltd., New Delhi Detail of Investments A.Y 2015-16 Sl. No. Particulars Number of Shares purchased Purchase price per share Fair Market Value u/r 11UA Diff. in value Diff Amount (Rs.) 1 Ambience Buildcon Pvt. Ltd. 3,01,211 10.00 14.38 4.38 13,20,287 2 Aman Hospitality Pvt. Ltd. 4,82,66,526 10.00 -0.32 -10.32 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts Pvt. Ltd. 47,000 100.00 107.30 7.30 3,43,147 17 Ambience Infracon Pvt. Ltd. 1,24,415 100.00 110.09 10.09 12,55,293 18 Aldoka Exports Pvt. Ltd. 6,25,000 10.00 10.50 0.50 3,14,310 19 Ambience SEZ Developers Pvt. 2,500 10.00 300.38 290.38 7,25,957 20 Ambience Infrastructure 62,50,000 10.00 9.94 -0.06 (3,76,688) 21 Ambience Pvt. Ltd. 4,36,02,756 4.95 6.20 1.24 5,40,94,248 22 Ambience OeveloDers 24,04,440 100.00 102.28 2.28 54,85,7 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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