Signode India Limited v. Deputy Commissioner of Income-tax, Circle-3(2), Hyderabad
[Citation -2019-LL-0913-84]
| Citation | 2019-LL-0913-84 |
|---|---|
| Appellant Name | Signode India Limited |
| Respondent Name | Deputy Commissioner of Income-tax, Circle-3(2), Hyderabad |
| Court | ITAT-Hyderabad |
| Relevant Act | Income-tax |
| Date of Order | 13/09/2019 |
| Assessment Year | 2014-15 |
| Judgment | View Judgment |
| Keyword Tags | depreciation on goodwill • outstanding demand • irreparable loss • stay petition • stay of demand of tax |
| Bot Summary: | PAN: AAHCS8120M Assessee by Sri S. Rama Rao Revenue by Sri Y.V.S.T. Sai, CIT-DR Date of hearing 13/09/2019 Date of pronouncement: 13/09/2019 ORDER PER A. MOHAN ALANKAMONY, AM. This Stay Application is filed by the assessee seeking stay from recovery of the outstanding demand of Rs. 9,35,43,874/- for the assessment year 2014-15. At the outset the Ld. AR submitted before us that the assessee has already paid Rs. 3,58,85,968/- against the total outstanding demand of Rs. 12,94,29,842/- 2 and balance to be paid is Rs. 9,35,43,874/-. Learned Counsel for the Assessee also submitted that in the earlier occasion, the ITAT has granted stay from recovery of outstanding demand till the date of hearing of the appeal i.e., on 11/07/2019 vide order dated 02/07/2019 in SA No.154/Hyd/2019 and thereafter the assessee has paid Rs. 1 Cr and now the balance outstanding demand is Rs. 9,35,43,874/-. Ld. AR further submitted that there is no change in the facts and circumstances of the case and since the assessee is having a strong case in its favour being allowability of depreciation on goodwill which is covered in favour of the assessee by number of decisions, it was pleaded that stay may be granted from recovery of the outstanding demand, otherwise it would bring irreparable loss to the assessee. On further perusing the records, we find that on the earlier occasion stay was granted to the assessee till 11/07/2019, but the assessee thereafter sought several adjournments. Considering the prayer of the assessee with respect to its financial crunch, taking a lenient view, we hereby grant stay to the assessee from 3 recovering the outstanding demand by the Revenue for a period of 90 days from this day or the disposal of the appeal whichever is earlier. In the result, the Stay Petition of the assessee is allowed as indicated herein above. |