Harsh Gupta v. ITO, Ward – 5(3), Hyderabad
[Citation -2019-LL-0920-66]
| Citation | 2019-LL-0920-66 |
|---|---|
| Appellant Name | Harsh Gupta |
| Respondent Name | ITO, Ward – 5(3), Hyderabad |
| Court | ITAT-Hyderabad |
| Relevant Act | Income-tax |
| Date of Order | 20/09/2019 |
| Assessment Year | 2014-15 |
| Judgment | View Judgment |
| Keyword Tags | unconditional stay • extension of stay • sale of shares • gain on sale • penny stock • disallowance of capital gain • exempt income |
| Bot Summary: | He therefore prayed for stay, pending disposal of the appeal. Opposed the grant of stay submitting that though the Tribunal had granted unconditional stay earlier, and the matter had come up for hearing on 23.5.2019 and 09.07.2019, the case was adjourned at the request of the assessee. Having regard to the rival contentions and material placed on record, we find that absolute stay was granted vide S.A.No. 27/2019 and the matter had come up for hearing on 23.5.2019 since the Bench did not function on that date, and the matter got adjourned to 09.07.2019 and on 09.07.2019 the matter got adjourned to 29/08/2019 at the request of Ld.Counsel for the assessee. Thus, only on one occasion the assessee has sought adjournment and thus the appeal could not be heard and disposed of. Taking the above facts into consideration and also the fact that the assessee has already paid Rs.90,000/-, we deem it fit and proper to grant stay for a further period of 180 days on condition that the assessee shall pay a further amount of 10 of the outstanding demand of tax on or before 30th September, 2019. The Stay shall be in force for a period of 180 days or till disposal of the appeal, whichever is earlier. |