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of <h1>ITAT Jaipur grants stay on penalty demand under Income Tax Act</h1> <h3>Mukesh Moondhra, Manoj Moondhra Versus D.C.I.T. Central Circle-2, Jaipur</h3> The Appellate Tribunal ITAT Jaipur granted a stay against the outstanding demand of penalty under Section 271AAB of the Income Tax Act, 1961 until ... Stay of demand - Penalty levied u/s 271AAB - Held that:- Assessee have already paid 1/3rd of the demand and the stay was granted at the time of filing the appeals, however, due to release of the appeals, the stay granted by the Tribunal was expired, we find it proper to grant stay against the balance outstanding demand up to 28/2/2019. The appeals of the assessee are now fixed for hearing on 06/3/2019, however, in view of the stay granted to the assessee up to 28/2/2019, the hearing of the appeals is prepone to 14/2/2019. The next date of hearing as pre-pone by us has been announced in the open court and has been noted by both the parties, therefore, no separate notice shall be issued in this regard. The parties are directed not to take any adjournment except in unavoidable circumstances. Stay petitions are allowed. 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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