Kaushikkumar Vrajlal Patadia, , ... vs Assessee

IN THE INCOME TAX APPELLATE TRIBUNAL " B " BENCH, AHMEDABAD (BEFORE SHRI SHAILENDRA Kr. YADAV, J.M. & SHRI ANIL CHATURVEDI, A.M.)

S.P. No. 51 /AHD/2015 ( In ITA No. 631/AHD/2015) (Assessment Year: 2008-09)

Shri Kaushikkumar Vrajlal V/S The I.T.O, Ward-2(1), Patadia, Prop: Shree Ahmedabad Haridarshan Jwellers, 3rd Floor, Navneet Plaza, B/s Municipal Market, C.G. Road, Navrangpura, Ahmedabad-9

(Appellant) (Respondent)

Appellant by : Shri. N.C.Amin, A.R. Respondent by : Shri . Dinesh. Singh, Sr. D.R.

(आदे श)/ORDER

Date of hearing : 15-05 -2015 Date of Pronouncement : 15 -05-2015

PER SHRI ANIL CHATURVEDI,A.M.

1. Through this stay petition, Assessee want us to stay for tax demand of Rs. 44,93,487/- which comprises of tax of Rs. 26,42,325/- and interest of Rs. 18,51,162/- for A.Y. 2008-09 and against the total tax demand, Assessee has paid Rs. 2,50,000/- and the outstanding tax is Rs. 42,43,487/-.

2. Before us, ld. A.R. submitted that Assessee be granted stay as the Assessee has a strong arguable case. He further submitted that the A.O has attached 2 S.P No 51A/15 (in ITA No. 631/A/2015) . A.Y. 2008-09 bank accounts (UCO Bank, Navrangpura and HDFC Bank, Navrangpura) u/s. 226(3) of the Act and that recovery action if taken will cause great hardship to the Assessee and it would aversely effect the business and day to day life of the Assessee. He therefore submitted that the entire disputed tax demand be stayed. In the alternate, he submitted that Assessee is willing to deposit amount against the disputed demand as deemed fit by the Tribunal. The ld. D.R. on the other hand opposed to the stay petition and submitted that Assessee be asked to pay at least 50% of the tax demand.

3. We have heard the rival submissions and perused the material on record. After considering the facts and circumstances of the case and taking into account that the bank accounts of the Assessee have been attached by A.O, we are of the view that in the present case and Assessee deserves a stay of demand. We therefore grant stay of the disputed demand subject to the following conditions:-

(a) Assessee to deposit Rs. 1,00,000/- before 15th July, 2015 and thereafter Rs. 1,00,000/- every 2 months.

(b) Subject to the fulfillment of the above conditions, the rest of the demand is hereby stayed for a period of 180 days from the date of this order or till the disposal of appeal whichever is earlier on the following conditions:-

(i) The appeal is fixed for hearing on 7th September, 2015. Since the date of hearing of appeal has been pronounced in the open court, the issuance of separate notice is dispensed with.

(ii) Assessee shall not seek any adjournment on the date of hearing.

(iii) If a paper book is desired to be filed by the Assessee then the same should be submitted well in advance as prescribed in ITAT Rules.

3 S.P No 51A/15 (in ITA No. 631/A/2015) . A.Y. 2008-09 In case of breach of the conditions stated hereinabove, the stay granted shall automatically get vacated unless directed otherwise by the Bench.

4. In the result, the Stay Petition is allowed on the terms indicated in the

foregoing paragraphs.

Order pronounced in Open Court on 15 - 05 - 2015.

Sd/- Sd/- (SHAILENDRA Kr. YADAV) (ANIL CHATURVEDI) JUDICIAL MEMBER ACCOUNTANT MEMBER Ahmedabad. TRUE COPY Rajesh

Copy of the Order forwarded to:- 1. The Appellant. 2. The Respondent. 3. The CIT (Appeals) - 4. The CIT concerned. 5. The DR., ITAT, Ahmedabad. 6. Guard File. By ORDER

Deputy/Asstt.Registrar ITAT,Ahmedabad