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ITAT directed assessee to pay Rs 25,000 per month towards outstanding demand
ITAT directed assessee to pay Rs 25,000 per month towards outstanding demand
Assessee had filed its return of income, and assessment was completed u/s 143(3) (of Income Tax Act, 1961). AO made addition u/s 69C (of Income Tax Act, 1961) on information received from DGIT(Inv) that revealed that assessee was a hawala trader. CIT(A) reduced the addition of 75% demand. Assessee had paid Rs 50,000 and sought a stay on payment of balance amount. ITAT, without going into the merits of the addition, directed assessee to pay Rs 25,000 per month.-501496
1. Assessee had filed its return of income, declaring an income of Rs. 76,502/-. Assessment was completed u/s 143(3) (of Income Tax Act, 1961) r.w.s.148 (of Income Tax Act, 1961), with the Assessing Officer making an addition of Rs. 57,06,959/- by invoking the provisions of sec. 69C (of Income Tax Act, 1961) on the basis of information received from DGIT (Inv.), Mumbai that a certain M/s. R.K. Steel & Mercantile Pvt. Ltd., with whom the assessee had connection as a trader, had specifically admitted that he was a hawala trader. CIT(A) reduced the addition of 75%. As a consequence to the order of CIT(A), a demand of Rs. 6,93,693 was pending on the assessee. Assessee had paid Rs. 50,000 out the said amount. It sought for stay of the balance amount.
2. The ITAT held as under:
"3. We have considered the submissions. Considering the submissions of the assessee and the Revenue, without going on merits of the addition, it is directed that:-
i) The assessee shall pay as instalment of Rs. 25,000/- p.m.
ii) The first instalment is due to be paid on or before 31/03/2016 and the subsequent instalments on or before 30th of every subsequent month.
iii) Registry is directed to post the appeal before the next Bench on the first day.
iv) If assessee seeks adjournment at the time of appeal, the instalment scheme granted to the assessee shall stand vacated. If Revenue seeks adjournment on the date of hearing of the appeal, the stay shall be made absolute.
v) Subject to the assessee paying instalments on time, the balance due shall stand Stayed.”
Case Reference - Sanjay Bhansali vs ITO.
IN THE INCOME TAX APPELLATE TRIBUNAL JODHPUR BENCH, JODHPUR
BEFORE SHRI N.S. SAINI, HON'BLE ACCOUNTANT MEMBER AND
SHRI GEORGE MATHAN, HON'BLE JUDICIAL MEMBER
STAY APPLICATION No. 03/JODH/2016
(ITA No. 12/JODH/2016)
(Asst. Year : 2009-10)
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