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2019 (3) TMI 1611 - AT - Income TaxStay of demand - A O determined the FMV of the shares of the assessee at ₹ 84.24 per share as against ₹ 100/- per share and balance taxed u/s 56(2)(viib) - HELD THAT:- In this matter no unaccounted money is involved nor any money transactions took place but the matter relates to the exchange of shares and the ld. AO estimating the value of the shares of the assessee at ₹ 84.24 per share whereas the assessee valued the same at ₹ 100/-. As clear from the letter dated 5.3.2019 issued by the ld. AO that he granted stay of the balance amount, leaving ₹ 58.48 lacs that was already attached/realized, in two instalments i.e., 50% on 15.3.2019 and the remaining balance at 10% per month from April onwards. Since more than 1/3rd of the demand is realized by the department, we deem it just and proper to grant stay of the balance demand for a period of six months subject to the condition that the assessee shall not part with the impugned shares or alienate them in any way till the disposal of the appeal. It is also directed that the assessee shall always be ready to proceed with the matter without asking for any time, failing which the stay shall stand vacated. Stay Application of the assessee is allowed.
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