2019 (11) TMI 456

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.... Assessee by: Shri Ankit Daga, A.R. Revenue by: Shri Neelima Nadkarni, D.R. ORDER Per Rajesh Kumar, Accountant Member: By virtue of these Stay Applications, the assessee seeks the stay of outstanding demands for two AY 2014-15 and 2015-16 of Rs. 2,46,34,402/- and Rs. 97,95,814/- respectively. 2. The Ld. AR submitted before the bench that the income tax demands raised for two years a....

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.... of Hon'ble bench in the case of M/s Runwal Homes Pvt. Ltd vs. Dy. CIT [2017 (12) TMI 1216]. The Ld. AR submitted that the assesse is not having any funds to pay the outstanding demands and the bank accounts of the assessee are even attached by the department. The Ld. AR submitted that in case, the stay is not granted to the assessee, it would cause irreparable loss to the existence of the project....

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.... available on record, we observe that the demand outstanding for two years are Rs. 2,46,34,402/- and Rs. 97,95,814/- respectively. The assessee is engaged in the business of construction of flats and the project of the assessee is substantially incomplete. We observe that survey was conducted on the assessee on 24/09/2014 u/s 133A and some loose sheets were found which we became the basis for addi....