TMI Blog2015 (9) TMI 1349X X X X Extracts X X X X X X X X Extracts X X X X ..... high-pitched demand, which is not sustainable in law. - Addition u/s.68 towards unexplained cash credit being inter corporate deposit taken from Cineyug - Disallowance towards interest payment to Cineyug - Disallowance of depreciation on the capitalized interest paid to Cineyug on petition u/s.154. Held that:- the assessee has not made out a case to establish that there exists financial stringency to pay the outstanding demand by instalments. Since, the assessee has not paid any amount so far towards demand, we are not intending to grant absolute stay as requested by the assessee. On the other hand, we are inclined to grant conditional stay as follows: (i) The assessee shall pay ₹ 10 crores on or before 15th Sept., 2015. (ii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DRA POOJARI AND SHRI V. DURGA RAO, JJ. For The Applicant : Shri S. Sendamarai Kannan, Advocate For The Respondent : Shri T. Ravikumar, Sr. Standing Counsel ORDER PER CHANDRA POOJARI, ACCOUNTANT MEMBER By these stay petitions, the assessee seeks stay of outstanding disputed demand of tax as follows: A.Y. 2009-10 A.Y. 2010-11 Tax ₹ 6,36,60,340 ₹ 59,40,53,087 Interest ₹ 2,92,34,528 ₹ 21,38,59,113 Total ₹ 9,28,94,768 ₹ 80,79,12,200 Total = 90,08,06,968/- ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urnover of the assessee which has resulted into serious financial difficulties. To establish the financial difficulty, the assessee has filed the details of following losses in the last three years: Sl.No. Assessment Year Profit Before Tax 1) 2012-13 (-) 10,47,47,275 2) 2013-14 (-) 10,31,35,455 3) 2014-15 (-) 15,52,46,053 Further, the ld. AR submitted that due to the losses made by the assessee, its paid capital of about ₹ 10 crores has already been eroded as the accumulated loss as on 31.03.2015 is approxim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rticularly when the assessee has been carrying on the business with huge turnover and therefore the plea that stay had to be granted is not proper. Further, the ld. DR submitted regarding the averments made that it had incurred huge losses is not correct due to the facts that the statement of the profit and loss account for the financial year 2011-12 of the assessee clearly shows that out of a total expense of ₹ 95.81 crores depreciation and amortization itself accounted to ₹ 41.47 crores and thereafter only the assessee had arrived at a net loss before tax at ₹ 10.47 crores. Thus, the loss of the assessee company is only a bookloss which is mainly due to depreciation and amortization which are non cash item and therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of outstanding demand. Against this order of the CCIT, the assessee went in appeal before the Member, Revenue, CBDT, who rejected the assessee s request for grant of stay vide her order dated 12.2.2014. Once again, the assessee went in appeal before the Chairman, CBDT, who granted stay vide order dated 17.2.2014 upto 15.4.2014 or disposal of the appeal by the CIT(Appeals). The CIT(Appeals) has not disposed of the matter. Once again, the assessee requested the Chairman, CBDT to extend the stay for further period. However, CBDT vide letter dated 29.4.2014 informed that further stay may not be possible. In the meanwhile, the CIT(Appeals) passed a common order dated 31.3.2015 u/s.250 of the Act for both the assessment years, 2009-10 and 2009-10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Department towards outstanding demand and this shall be paid once in a week i.e. Friday of every week. (iii) The assessee shall give total details of collections including receivables once in every week to the Department (iv) Further the assessee shall deposit all collections from various heads and receivables into bank account, which are disclosed bank accounts of the assessee and the assessee shall not open or operate any new bank account for its day-to-day operations in any place in the name of the assessee. (v) The assessee shall submit to the AO all details of bank account being operated by the assessee as of now. Thus, all the revenue, receipts and receivable shall deposit in various accounts to be brought to the knowl ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
