9911796707
TMI Blog1996 (3) TMI 561X X X X Extracts X X X X X X X X Extracts X X X X ..... essment order with reference to the adjustment made under s. 143(1), which was before the regular assessment. In the intimation received under s. 143(1)(a) an adjustment of an amount ₹ 10,995 had been made with reference to the provisions of s. 43B on account of non-furnishing of proof of payment along with the return of income. He also submitted that in the order made under s. 154 the AO held that there was a mistake apparent from record insofar as the assessee-company had not made any disallowance in respect of interest amounting to ₹ 88,33,031 which had accrued and was payable to ICI, IDBI, and IFCI. The AO had also observed that the assessee-company had erred in adding interest of amount of ₹ 17,92,652 under s.43B as t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cision in the case of CIT vs. Bansi Dhari Sons (1986) 50 CTR (SC) 250 : (1986) 157 ITR 665 (SC) for the proposition that in such a situation the Tribunal still has jurisdiction to hear and grant stay. He further submitted that the bank account of the assessee has been attached and that the assessee is facing financial hardship. In this connection he invited our attention to Annex. II to the stay application where a copy of letter dt. 13th March, 1996 addressed to the CIT is placed, wherein details of attachment of bank account and financial hardship had been mentioned. The learned counsel further submitted that the case of the assessee-company is being considered by the Board for Industrial and Financial Reconstruction under the provision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned counsel also submitted that these facts were placed before the learned CIT who was requested to grant stay but request of the assessee has been rejected by the learned CIT, (p. 8 of the P.B) as perhaps he had his own limitations in view of the upholding of he order of AO made under s. 154 by the Tribunal. In view of the foregoing the learned counsel urged that the stay may be granted and the Department may be directed to lift the attachment of bank account. 3. The learned Departmental Representative, Shri B.K. Halder, strongly opposed the granting of stay. He submitted that there was no appeal pending before the Tribunal as the order under s. 154 made by AO has already been confirmed and, therefore, no stay could be grante ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision reported in (1986) 50 CTR (SC) 250 : (1986) 157 ITR 665 (SC) (supra). We have also seen the order of the Hon'ble Delhi High Court made in the writ petition filed by the assessee and which is placed at Annex-I to the stay application. After considering all the facts we feel that it is a fit case for grant of stay of outstanding demand of ₹ 5,48,726 against the assessee till the disposal of the reference application No. 123 (Del) 96 in ITA No. 647 (Del) 95 for the asst. yr. 1991-92 filed by the assessee. The stay is, however, subject to the condition that the assessee will not seek adjournment of hearing of the reference application as and when it is fixed, as otherwise, it will run the risk of exposing itself to this stay ..... X X X X Extracts X X X X X X X X Extracts X X X X
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