My Home Developers, , Surat vs Assessee

आयकर अपीलीय अिधकरण, अिधकरण, अहमदाबाद यायपीठ 'बी बी' बी अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL "B" BENCH, AHMEDABAD BEFORE SHRI MUKUL Kr. SHRAWAT, JUDICIAL MEMBER AND SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER Stay Application No. 19/Ahd/2015 (in ITA No.2966/Ahd/2014) Assessment Year : 2010-11 My Home Developers, V/s. The ITO, A-101, Ornate House, Ward - 7(2), Near Althan-Bamroli Bridge, Surat Althan, Surat PAN No. AAOFM 5336 K (Applicant) .. (Respondent)

Assessee(s) by : Miss Chaitali Shah, AR Revenue by : Mr. O.P. Vaishnav, CIT-DR

सुनवाई क तार ख/ / Date of Hearing : 04/03/2015 घोषणा क तार ख /Date of Pronouncement : 04/03/2015

आदे श/O R D E R

PER MUKUL KUMAR SHRAWAT, JUDICIAL MEMBER:

Through this stay petition filed on 09.02.2015 the applicant has requested to stay the demand as per the following details:-

Assessment Year Involved 2010-11 Date of filing the appeal before Appeal filed on 11.11.2014 Tribunal and its number if known Appeal No.2966/Ahd/2014 The break-up of Demand (Raised by Tax Rs. 23,56,125/- A.O.) Interest Rs. 4,52,145/- Total Rs. 28,08,270/- (a) Amount already paid Rs. Nil (b) Amount Outstanding Rs.28,08,270/-

(c) Amount which is not disputed Rs. Nil

(a) Details of application made to Moved to CIT on 19.01.2015 revenue authorities

(b) Result Pending before CIT Reason for seeking stay Difficult financial position SP No 19/Ahd/2015 In ITA 2966/Ahd/2014, AY 2010-11

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2. From the side of the applicant, Ld. Authorized Representative Miss Chaitali Shah appeared and pleaded that the issue of claim of deduction u/s 80IB is involved and the assessee is hopeful to get relief. However, it has also been informed that ld. CIT(A) has decided the appeal ex-parte against the assessee In respect of financial position, the ld. AR has informed that the assessee is in the process of closure of the business and presently having no liquid funds. In support of this contention, she has filed a copy of the balance-sheet drawn on 31.03.2014. Further, a copy of the Standard Chartered Bank statement has also been furnished before us to demonstrate that this account has already been attached by the Revenue Department on 23.07.2013. However, she has stated that only a small amount can be deposited against the outstanding demand.

3. From the side of the Revenue, ld. Departmental Representative Shri O.P. Vaishnav has objected the said stay petition and pleaded that at least a sum of Rs.15 lacs should be deposited by the assessee to protect the interest of the Revenue.

4. After hearing the submissions of both the sides, we are of the view that the assessee does not deserve stay of demand. However, considering the fact that the First Appellate Authority has passed an ex-parte order, this applicant deserves for an early hearing. Both the sides have agreed for the early hearing to be held on 16th April 2015. This date is duly communicated in the Court. The stay petition is rejected. The Registry is directed to fix the date of hearing as directed above.

6. In the result, the Stay Petition filed by the assessee is rejected.

Order pronounced in the Court on 4th March 2015 at Ahmedabad.

Sd/- Sd/-

(ANIL CHATURVEDI) (MUKUL Kr. SHRAWAT) ACCOUNTANT MEMBER JUDICIAL MEMBER Ahmedabad; Dated 04/03/2015 *Biju T. SP No 19/Ahd/2015 In ITA 2966/Ahd/2014, AY 2010-11

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आदे श क ूितिल&प अमे&षत/Copy षत of the Order forwarded to :

1. अपीलाथ) / The Appellant

2. ू*यथ) / The Respondent.

3. संबंिधत आयकर आयु, / Concerned CIT

4. आयकर आयु,(अपील) / The CIT(A)

5. &वभागीय ूितिनिध, आयकर अपीलीय अिधकरण, अहमदाबाद / DR, ITAT, Ahmedabad

6. गाड2 फाईल / Guard file.

आदे शानुसार/ ार BY ORDER,

TRUE COPY

उप/ उप/सहायक पंजीकार (Dy./Asstt.Registrar) आयकर अपीलीय अिधकरण, अिधकरण, अहमदाबाद / ITAT, Ahmedabad