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2019 (11) TMI 456

..... is of prima-facie case made out by the Ld. AR. We note that the bank accounts of the assessee stood attached by the department. The assessee has also deposited ₹ 25 Lacs against the outstanding demand of AY 2014-15 after passing the assessment order. Since the project of the assesse is substantially incomplete and bank accounts of the assessee are attached, the balance of convenience also we .....

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..... ssessee by: Shri Ankit Daga, A.R. Revenue by: Shri Neelima Nadkarni, D.R. ORDER Per Rajesh Kumar, Accountant Member: By virtue of these Stay Applications, the assessee seeks the stay of outstanding demands for two AY 2014-15 and 2015-16 of ₹ 2,46,34,402/- and ₹ 97,95,814/- respectively. 2. The Ld. AR submitted before the bench that the income tax demands raised for two years are as a r .....

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..... le bench in the case of M/s Runwal Homes Pvt. Ltd vs. Dy. CIT [2017 (12) TMI 1216]. The Ld. AR submitted that the assesse is not having any funds to pay the outstanding demands and the bank accounts of the assessee are even attached by the department. The Ld. AR submitted that in case, the stay is not granted to the assessee, it would cause irreparable loss to the existence of the project and succ .....

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..... on record, we observe that the demand outstanding for two years are ₹ 2,46,34,402/- and ₹ 97,95,814/- respectively. The assessee is engaged in the business of construction of flats and the project of the assessee is substantially incomplete. We observe that survey was conducted on the assessee on 24/09/2014 u/s 133A and some loose sheets were found which we became the basis for additio .....

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..... 77; 25 Lacs on or before 25/05/2019 against the outstanding demand of AY 2014-15 and the case of the assessee is also fixed for hearing on out of turn basis on 03/06/2019. The assessee is directed not to take adjournment without any reasonable cause failing which the stay would be subject to review by the bench hearing the case. The issue of notice is dispensed with as both the parties are informe .....

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