TMI Blog2019 (1) TMI 214X X X X Extracts X X X X X X X X Extracts X X X X ..... , subject to the condition that assessee shall not seek unnecessary adjournment in the matter. The Office is directed to fix the appeal of assessee for final hearing on 14.01.2019 the day when other appeals of the assessee on the same issue are fixed for final hearing. - Stay Application No.984/Del./2018 Arising out of ITA.No.8058/Del./2018 - - - Dated:- 2-1-2019 - Shri Bhavnesh Saini, J.M. And Shri O.P. Kant, A.M. For the Assessee : Shri M.P. Rastogi, Advocate For the Revenue : Shri S.R. Senapati, A.R of Revenue. ORDER PER BHAVNESH SAINI, J.M. The assessee filed the present stay application seeking stay against the outstanding demand of ₹ 111,61,79,720/- (Tax ₹ 83,91,40,424/- + Interest) for A.Y. 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .84 crores received by the assessee this year is taxable in the hands of the assessee as business income. The A.O. accordingly made the addition of such amount and computed the income of the assessee at ₹ 247.39 crores. The addition has been confirmed by the Ld. CIT(A). 4. Learned Counsel for the Assessee, therefore, submitted that the entire demand has arisen on account of the aforesaid addition. Learned Counsel for the Assessee further submitted that there was a Joint Venture Agreement Dated 07.08.2001 (PB-88) between CUIH and assessee for the purpose of creating of leading company in India in the field of Insurance which was to be opened for private players in India and for that purpose various terms and conditions were embodied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the hands of assessee and will form part of sale consideration at the time of exist. He has submitted that in A.Y. 2017-2018 the assessee has offered the same as income on account of capital gains. He has further submitted that due to above, the demand has been raised at ₹ 111.61 crores against which assessee has already paid ₹ 36 crores on different dates to the Revenue Department. He has submitted that in earlier year A.O. was satisfied with the explanation of assessee that the amount in question is received on account of capital receipt. Therefore, the assessee has a prima facie case for grant of absolute stay. Learned Counsel for the Assessee further submitted that in A.Ys. 2013-2014 and 2014-2015 the Ld. Pr. CIT has invo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, stay against the outstanding demand may not be granted as it would severely impact the Revenue particularly when assessee is in a position to pay the balance amount as well. The Ld. D.R, therefore, submitted that the present stay application may be dismissed. 6. We have considered the rival submissions. It is well settled Law that while considering the stay against the outstanding demand, the relevant criteria would be to consider prima facie case, the balance of convenience, irreparable loss and interest of Revenue. In the present case, the issue involved is whether the amount in question i.e., ₹ 246.84 crores on account of option money is revenue in nature or capital in nature ? According to the Learned Counsel for the Assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, 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. The Office is directed to fix the appeal of assessee for final hearing on 14.01.2019 the day when other appeals of the assessee on the same issue are fixed for final hearing. Paper book, if any, be filed as per Rules with advance copy to the Ld. D.R. Notice for the date fixed be issued to both the parties. The stay application is allowed. It is clarified that anything stated in this order shall not tantamount to expression of opinion on merits of the case. Copy of the Order be provided to both the parties. 7. In the resu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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