TaxTMI 
TaxTMI 
2014 (11) TMI 170
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....st 2007 Series V Rs. 3,31,80,524/- 3. 303/Mum/2014 M/s.KJS Loan Trust Rs. 63,08,840/- 2. At the outset it was pointed out by Ld. AR that under identical facts and circumstances of the case Tribunal in the cases of other assessees has granted stay initially vide order dated 24/5/2013 in S.A. Nos. 158/Mum/2013 to 162/Mum/13 and subsequently similar order was followed by the Tribunal vide its order dated 28/6/2013 in S.A. Nos. 167/Mum/2013 to 172/Mum/2013, copy of both the orders were placed before us. Ld. Sr. Counsel submitted that subsequently also stay was granted on the basis of aforementioned orders in various other cases and copies of all these decisions have been filed in the paper book as under: S. No. Particulars Page N....
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....ng disposed off by way of this consolidated order for the sake of convenience. However, in order to understand the implication, it would be necessary to take note of facts of one stay application. We, accordingly, are stating the facts, as they appear in S.A no.158/Mum./2013, which is arising out of the assessee's appeal in ITA No. 3986/Mum./2013. 2. The assessee, Indian Corporate Loan Securitisation Trust 2008, is a determinate Private Trust settled by a trust deed by IL & FS Trust Co. Ltd. The IL & FS Trust Co. Ltd. is also a trustee of the said assessee trust. The trust was set-up for securitising a loan which was granted by Yes Bank Ltd., to Hindustan Petroleum Corporation Ltd. (HPCL). After the trust was settled, the multiple ben....
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.... for the assessment years 2009-10 and 2010-11 had granted stay on the demand arising out of the order of the Assessing Officer. He drew our attention to various observations made by the Hon'ble Jurisdictional High Court that the issues involved are quite complex and prima-facie, the assessee has a strong case for grant of stay of the entire demand. He further submitted that first of all, under section 63 r/w section 61 in case of a revocable transfer of asset after the dissolution of the trust, the income shall be chargeable to income tax as the income of the transferor and in such a case the mutual fund beneficiaries at the most can be held to be chargeable to income tax. In such a situation, the tax cannot be levied on mutual fund by ....
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.... issues, he submitted that the learned Commissioner (Appeals)'s finding is prima-facie erroneous. Thus, the assessee has a very strong and prima-facie case in its favour from all counts and, therefore, the stay should be granted and the hearing of the appeals on merit be taken up at an early date. 4. The learned Departmental Representative, on the other hand, submitted that the learned Commissioner (Appeals) has considered all these submissions / objections of the assessee in a very elaborate manner and, therefore, it cannot be held that the assessee has a prima-facie case for grant of stay. Alternatively, the assessee should be asked to pay some demand. 5. In the rejoinder, the learned Sr. Counsel submitted that the trust is only for....
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....ing of appeals on merit; and iii) The assessee shall not, except under exceptional and bona fide circumstances, seek adjournment. 7. Since the date of hearing is announced in the open Court on the date of hearing, the requirement of issuance of notice is hereby dispensed with. We order accordingly. 4. In the result, assessee's stay applications are allowed. Order pronounced in the open Court on 24th May 2013" 4. The observations of the Tribunal in subsequent order dated 28/6/2013 are as under: "5. We have carefully considered the submissions of the ld. Representatives of the parties and perused the material placed on record. We find substance in submissions of the ld.Sr.Counsel Shri Dastur that in similar matters the Tribu....
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....o-ordinate Bench of the Tribunal and considering the facts that similar issues are involved in the appeals in respect of which stay is sought for (supra), we grant stay till 23.11.2013, the date to which the stay granted by the order dated 24.5.2013 is in force. Since the appeals in similar matters are already fixed on 14.8.2013, we direct the registry to fix the appeals under consideration being ITA Nos.4035, 4036, 4037, 4038, 4040, 4041/Mum/2013 on 14.8.2013 before the Regular "I" Bench. Since above date was indicated after hearing of the stay applications in the presence of the representative of both the parties, it was indicated that no notice of date of hearing would be sent. 7. In the results, all the stay applications of the asses....