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2015 (10) TMI 1708 - AT - Income TaxStay of recovery proceedings - Demand including interest u/s .234A to 234D - Assessments passed u/s 153A read with sec.143(3) - Held that:- In the facts and circumstances of the case, when the claim was earlier allowed for the assessment year 2004-05 which has not been disturbed by the AO till date and further the assessees before us have already paid about 65% and 56% respectively of the total outstanding demand which includes the levy of interest u/s 234A to 234D then the assessees have made out a prima facie good case for grant of stay against the balance outstanding demand. In the case of Shri Dinesh Kumar Singhi, the total demand includes levy of interest u/s 234D amounting to ₹ 26.44 crores for the assessment years 2005-06 and 2006-07 and the assessment for those assessment years were already completed prior to the date of search u/s 132, therefore, assessment u/s 153A for these two assessment years would be re-assessment and not a regular assessment. Thus, the assessee has also made out a prima facie case on the point of levy of interest u/s 234D. Accordingly, having considered the totality of the facts of the case, we are of the considered opinion that the assessees before us have made out a good arguable case on merits as well as for grant of stay of the balance outstanding demand when the assessees have already made the payment of more than 50% of the total outstanding demand. Hence, the balance outstanding demand in case of these two assessees for all these assessment years before us is stayed for a period of 180 days or till disposal of the appeals, whichever is earlier. - Decided in favour of assessee.
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