Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 410 - ITAT DELHIStay petition - huge difference of Valuation of shares between assessee and AO - assessee valued share as per rule 11UA - prima facie balance of convenience for grant of stay of entire demand - HELD THAT:- Huge difference in the valuation done by the AO and working given by the assessee as per Rule 11UA, which prima facie appears to be based on the method laid down in Rule 11 UA, we are of the opinion it is not a prima facie case to reject the stay application and direct the assessee to pay such huge demand. Looking to the financial position of the assessee as on date and also as per the figure given in the audited balance sheet and profit for the year ending 31st March, 2018, it is seen that assessee does not have any means or any liquid asset to pay such a huge demand. Thus, prima facie balance of convenience is in favour of the assessee for grant of stay of entire demand. Accordingly, we are granting stay of entire outstanding demand of ₹ 59,61,35,380/- for the period of six months; or till the passing of the order whichever is earlier. Since appeal has already been posted on out of turn basis, therefore, we are adjourning the matter to be fixed for hearing on 6th May, 2019. Stay application filed by the assessee is allowed.
|