Vishay Components India Pvt. Ltd. v. The Asst. Commissioner of Income-tax, Circle – 7, Pune
[Citation -2016-LL-0916-132]
| Citation | 2016-LL-0916-132 |
|---|---|
| Appellant Name | Vishay Components India Pvt. Ltd. |
| Respondent Name | The Asst. Commissioner of Income-tax, Circle – 7, Pune |
| Court | ITAT-Pune |
| Relevant Act | Income-tax |
| Date of Order | 16/09/2016 |
| Assessment Year | 2008-09 |
| Judgment | View Judgment |
| Keyword Tags | outstanding demand |
| Bot Summary: | Commissioner of Income Tax , Circle 7, Pune Respondent Applicant by : Shri Pramod N. Jadhav Respondent by : Shri P.L. Kureel Date of Hearing : 16.09.2016 Date of Pronouncement: 16.09.2016 ORDER PER SUSHMA CHOWLA, JM: The captioned Stay Application has been preferred by the applicant seeking extension of stay of the demand relating to assessment year 2008-09. The learned Authorized Representative for the applicant pointed out that initially the recovery of the demand had been stayed by the Tribunal in SA Nos.49 and 50/PN/2014, vide order dated 15.07.2014 subject to payment of 2 SA No.74/PN/2016 Arising out of ITA No. 341/PN/2013 Rs.1 crore in two equal instalments. The learned Authorized Representative for the applicant placed reliance on various judicial precedents for extension of stay beyond 365 days, including the ratio laid down by the Hon ble Bombay High Court in CIT Vs. Ronuk Industries Ltd. reported in 333 ITR 99. The learned Authorized Representative for the applicant further pointed out that the appeal of the applicant could not be disposed of, as the earlier years appeals were pending for disposal. Extension of stay on the recovery of the demand was sought by the learned Authorized Representative for the applicant. The applicant has already deposited Rs.1 crore as directed in the earlier stay order. Accordingly, the stay application moved by the applicant is disposed of. |