2019 (7) TMI 1222

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..../2019 on the file of the Income Tax Appellate Tribunal 'C' Bench, Chennai (for brevity, "the Tribunal"), for the assessment year 2012-13. 2.The Tribunal by the impugned order while considering the prayer for stay of the demand of Rs. 37,40,152/-, held that the assessee could not make out any case for undue financial hardship in paying the outstanding demand and it has not established any prima facie case on the merits of the addition and therefore, held that it is not a fit case for grant of absolute stay. However, the Tribunal granted the order of stay subject to the condition that the assessee pays a sum of Rs. 10,00,000/- in monthly instalments and the first instalment was directed to be paid on 31.05.2019, and the subsequent ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iples, which the Court is required to consider while granting an interim order are whether the petitioner/litigant has made out a prima facie case; whether balance of convenience is in his favour; and if the prayer for stay is not granted to a litigant, he will be put to irreparable hardship. 8.So far as the prima facie case is concerned, the Tribunal holds that it does not find any prima facie case on the merits of the addition. However, it is not clear as to how the Tribunal came to such a conclusion, as we find that there are no reasons set out by the Tribunal as to how it came to the conclusion that the assessee has not made out a prima facie case for consideration. 9.We refrain from going into the merits of the matter, since t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t the assessee has made out a prima facie case. 11.Coming to the next aspect as regards the balance of convenience is concerned, the assessee is an individual and the assessment was reopened based upon an investigation which had commenced in Kolkata pertaining to certain stock brokers and the allegation being, there are criss gross deals among five stock brokers and many of the brokers involve stocks of shell companies. 12.On a query raised from the Court, the learned counsel for the assessee would submit that no statement was recorded from the appellant/assessee by the investigating agency, nor the report of the investigating agency was furnished to the assessee, nor the Assessing Officer had any independent material for reopening th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....x 19,17,226 Total Tax and Interest 47,38,153 Tax already paid 62,966 20% paid on 10.01.2018 9,35,038 1st Instalment paid on 29.05.2019 10,00,000 Total Tax Paid 19,98,004 % of Tax Paid 70.83 % of Tax and Interest Paid 42.17 The above computation is stated to be in terms of the computation formed and appended to the assessment order dated 12.12.2017. 16.From the above computation, it is seen that the total tax paid by the assessee is Rs. 19,98,004/- out of the tax demand of Rs. 28,20,927/- which comes to nearly 71% of the demand. If interest on the tax is added, then the amount which has been paid by the assessee would be little more than 42%. Thus, going by the payment effected by the assess....