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TMI Blog2019 (10) TMI 465X X X X Extracts X X X X X X X X Extracts X X X X ..... the regular Bench for hearing of the appeal unless there are genuine and bona-fide reasons for seeking adjournments. - Stay Petition No.268/Chny/2019 (In ITA No.2342/Chny/2019) - - - Dated:- 13-9-2019 - Shri Ramit Kochar, Accountant Member And Shri Duvvuru R.L. Reddy, Judicial Member For the Appellant : Mr.S.Mohan, FCA And Ms.Lekha, FCA For the Respondent : Mr.A.Sundararajan, JCIT ORDER PER RAMIT KOCHAR, ACCOUNTANT MEMBER: The assessee has filed this Stay Petition bearing number 268/Chny/2019 arising out of appeal in ITA No. 2342/Chny/2019 for Assessment Year(ay) 2014-15 seeking stay of demand of disputed tax amount of ₹ 13,93,8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2019 passed by learned CIT(A) confirming additions on account of disallowance of exemption u/s 10(38) of the 1961 Act, which is pending for disposal before the tribunal. Now the assessee has come up with this Stay Petition and is seeking stay of outstanding demand of tax and interest to the tune of ₹ 13,93,880/- .The assessee has claimed that it had paid ₹ 2,84,300/- further tax on regular assessment on 12.01.2017 vide Challan No.0211775-12012017-00168 with Allahabad Bank, Worli Branch, Mumbai towards satisfying part demand raised by the AO in pursuance to assessment framed on 31.12.2016 u/s 143(3) of the 1961 Act. The copy of aforesaid Challan dated 12.01.2017 is placed in file. The assessee vide this Stay Petition has request ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s disputed the said additions and has raised several contentions that this long term capital gains earned by the assessee is a genuine gain earned on sale of shares. 1.4 The Ld.DR submitted before the Bench that this is a case of organized manipulation and rigging of stocks through Stock Exchange and long term capital gains earned by the assessee is not a genuine gains on sale of shares and the assessee is not entitled for exemption u/s 10(38) of the 1961 Act . The learned DR prayed before the Bench that no stay of outstanding demand of income-tax and interest thereon should be granted to the assessee. The Ld.Counsel for the assessee then fairly agreed that the assessee would like to argue its case on merits as it has prima ..... X X X X Extracts X X X X X X X X Extracts X X X X
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