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ITAT Jaipur grants stay on penalty demand under Income Tax Act The Appellate Tribunal ITAT Jaipur granted a stay against the outstanding demand of penalty under Section 271AAB of the Income Tax Act, 1961 until ...
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ITAT Jaipur grants stay on penalty demand under Income Tax Act
The Appellate Tribunal ITAT Jaipur granted a stay against the outstanding demand of penalty under Section 271AAB of the Income Tax Act, 1961 until 28/2/2019. The Tribunal had previously granted a stay due to partial payments made by the assessees, but it had expired. The hearing of the appeals was rescheduled to 14/2/2019, with instructions not to seek adjournments unless necessary. Ultimately, both Stay petitions were allowed by the Tribunal, and the order was pronounced in open court on 11th January 2019.
Issues: Stay against outstanding demand of penalty under Section 271AAB of the Income Tax Act, 1961.
Analysis: The Appellate Tribunal ITAT Jaipur heard Stay petitions from the assessees seeking relief against the penalty levied under Section 271AAB of the Income Tax Act, 1961. The penalty amounts were initially set at Rs. 30.00 lacs and Rs. 45.00 lacs by the Assessing Officer and further increased by the ld. CIT(A). The assessees had already paid a portion of the penalties, 1/3rd of the total demand in each case. The Tribunal had previously granted a stay when the appeals were filed, considering the partial payments made by the assessees. However, due to delays in pronouncing the order, the stay granted by the Tribunal had expired. In light of these circumstances, the Tribunal found it appropriate to grant a stay against the remaining outstanding demand until 28/2/2019. The hearing of the appeals was rescheduled to 14/2/2019 due to the stay granted. The parties were instructed not to seek adjournments unless absolutely necessary. Ultimately, both Stay petitions were allowed by the Tribunal, and the order was pronounced in open court on 11th January 2019.
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