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2019 (1) TMI 147 - AT - Income TaxStay against the outstanding demand - Revision u/s 263 - whether the amount in question on account of option money is revenue in nature or capital in nature? - Held that:- According to the Assessee, the agreement in question between the assessee and M/s. CUIH is dated 07.08.2001 and have been examined by the A.O. in earlier years and no adverse view have been taken against the assessee. In preceding A.Ys. 2013-2014 and 2014-2015 though the contention of assessee have been accepted by the A.O. but the Ld. Pr. CIT has reopened the assessments under section 263 of the I.T. Act against which, appeals of the assessee are pending before the Tribunal on 14.01.2019. It is a case where assessee has declared income of ₹ 54,51,114/- in the return of income but due to the above addition, assessment have been framed against the assessee in a sum of ₹ 247.39 crores. The balance of convenience also lies in favour of assessee and in case, entire demand is recovered against the assessee, the purpose of the filing of the appeal would be frustrated. The interest of Revenue is also protected because the assessee has already paid substantial demand to the Revenue against the outstanding demand. The appeal of assessee is pending for disposal and appeals of assessee for another years on the same issue are also pending for disposal - we stay the entire outstanding demand for a period of six months or disposal of the appeal whichever may expires earlier, subject to the condition that assessee shall not seek unnecessary adjournment in the matter.
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