Umesh J Israni , vs Assessee

This stay application is filed by the assessee with request to stay the outstanding demand of Rs.23,24,074/-. During hearing of this application, Dr. K. Shivaram, contended that the assessee is having a good prima facie case in his favour and had also no

2 Shri Umesh J. Israni,

liquidity to pay the outstanding demand in dispute. It was also contended that tax in quantum appeal has already been paid by the assessee and the penalty appeal is pending disposal before the Tribunal which is fixed for 01/07/2015. On the other hand, Shri Neil Philip, ld. DR, contended that either the stay application of the assessee may be rejected or the interest of the Revenue may be safeguarded.

2. We have considered the rival submissions and perused the material available on record. Without going into much deliberation/merits of the appeal, we are of the view, that at least at the stage, the balance of convenience is in favour of the assessee, as the assessee has already paid Rs.4,50,000/- to the Department out of the total outstanding demand of Rs.27,74,074/-. Therefore, we are passing the following orders:

i. That the assessee shall further pay an amount of Rs.5,00,000/-

on or before 31/03/2015.

ii. That the assessee shall not seek adjournment without any valid reason and shall cooperate in earlier disposal of the appeal, which is fixed for 01/07/2015.

iii. That if the assessee deposits the aforementioned amount of Rs.5 lakhs on or before 31/03/2015 only then the appeal of the assessee will be heard by the Bench.

iv. That if the aforementioned amount is deposited by the assessee within the stipulated period then the remaining outstanding demand will be treated as stayed for a period of six months or till the disposal of the appeal, whichever is earlier. v. If the assessee fails to deposit the aforementioned amount, within the stipulated period, then the order of stay will be automatically treated to be vacated.

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vi. Since, the appeal of the assessee is already fixed for 01/07/2015, no separate notice of hearing shall be issued by the Registry of the Tribunal.

Finally, the stay application of the assessee is disposed of in terms indicated hereinabove.

This Order was pronounced in the open court in the presence of ld. representatives from both sides, at the conclusion of the hearing, on 20/02/2015.

Sd/- Sd/- (Chandra Poojari) (Joginder Singh) लेखा सदःय / ACCOUNTANT MEMBER याियक सदःय / JUDICIAL MEMBER

मुंबई Mumbai; .दनांक Dated :20/02/2015 f{x~{tÜ? P.S/.िन.स.

आदे श क+ ूितिल1प अमे1षत/Copy षत of the Order forwarded to :

1. अपीलाथ5 / The Appellant

2. ू6यथ5 / The Respondent.

3. आयकर आयु7(अपील) / The CIT, Mumbai.

4. आयकर आयु7 / CIT(A)- , Mumbai

5. 1वभागीय ूितिनिध, आयकर अपीलीय अिधकरण, मुंबई / DR, ITAT, Mumbai

6. गाड( फाईल / Guard file.

आदे शानुसार/ ार BY ORDER, स6या1पत ूित //True Copy// उप/ उप/सहायक पंजीकार (Dy./Asstt. Registrar) आयकर अपीलीय अिधकरण, अिधकरण, मुब ं ई / ITAT, Mumbai