Stay of Demand -ITAT asks to furnish surety to Assessing Officer

We have heard the learned D.R. in this regard and carefully perused the record. Having regard to the circumstances of the case we are of the view that the balance of convenience is in granting conditional stay. As declared in the open court, assessee is directed to pay a sum of Rs. 75,00,000/- on or before 15th March 2012 and with regard to the balance outstanding demand assessee should furnish proper surety to the Assessing Officer. The Registry is directed to post the appeal for final hearing on 23rd April 2012. Since the date is announced in the open court the issuance of notice to the parties is dispensed with.

INCOME TAX APPELLATE TRIBUNAL, MUMBAI

SA No. 99/Mum/2012

(Arising out of ITA No. 7055/Mum/2011)

(Assessment Year: 2008- 09)

M/s. Continental Warehousing Corporation (Nava Seva) Ltd.

Vs.

ACIT, Panvel Circle

Date of Pronouncement: 24.02.2012

 O R D E R

Per D. Manmohan, V.P.

By this application the assessee company seeks stay of collection of outstanding demand of Rs. 3.16 crores pending disposal of the appeal and also requests for posting the appeal on out-of-turn basis.

2. The learned counsel for the assessee explained the facts of the case in detail to highlight that it has a strong prima facie case on merits and the balance of convenience is in favour of granting conditional stay, in the event of not accepting the request for absolute stay.

3. We have heard the learned D.R. in this regard and carefully perused the record. Having regard to the circumstances of the case we are of the view that the balance of convenience is in granting conditional stay. As declared in the open court, assessee is directed to pay a sum of Rs. 75,00,000/- on or before 15th March 2012 and with regard to the balance outstanding demand assessee should furnish proper surety to the Assessing Officer. The Registry is directed to post the appeal for final hearing on 23rd April 2012. Since the date is announced in the open court the issuance of notice to the parties is dispensed with.

4. In the result, the stay application is partly allowed.

Order pronounced in the open court on 24th February 2012.