Sree Balaji Developers Vs Additional/Joint/Deputy/ACIT (Madras High Court)
Madras High Court directed to expeditiously dispose of the appeal filed before Appellate Authority and also held that stay granted shall continue to operate till the disposal of pending appeal.
Facts- The petitioner is engaged in Real Estate business. The petitioner had few transactions and also filed return of income on 14.10.2016, disclosing the total income of Rs.91,12,576/-. Thereafter, a notice was issued to the petitioner on 22.10.2018 under Section 133(6) of the Income Tax Act, 1961, wherein, the petitioner was called upon to furnish various documents. This has ultimately culminated in the show-cause notice dated 16.03.2022, which has also been replied by the petitioner on 18.03.2022. Thereafter, the respondent proceeded to pass the impugned Assessment Order dated 23.03.2022.
Conclusion- Held that the appeal, that has been filed before the Appellate Authority under Section 246A of the Income Tax Act, 1961, is directed to be disposed of, as expeditiously as possible, preferably within a period of six months from the date of receipt of a copy of this order. The stay, that was earlier granted on 28.06.2022, shall continue to operate till disposal of the appeal pending before the Appellate Commissioner against the impugned order dated 23.03.2022.
