Gaurav Oil Industries & Delight Lifelike Products Pvt. Ltd SA Nos. 74 &75/Ind/2019 IN INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE HON'BLE BLE SHRI KUL BHARAT, JUDICIAL MEMBER AND HON'BLE BLE SHRI MANISH BORAD, ACCOUNTANT MEMBER S.A. No. 74/Ind/2019 Arising out of I.T.A. No. 453/Ind/2019 Assessment Years: 2014-15 M/s. Gaurav Oil Industries :: Applicant Singhana Road, Kukshi Dist, Dhar vs. Principal Commissioner of :: Respondent Income tax (I), Indore. PAN: AAFFCG5373F S.A. No. 75/Ind/2019 Arising out of I.T.A. No. 452/Ind/2019 Assessment Years: 2014-15 M/s. Delight Lifelike Products :: Applicant Pvt.Ltd, Corporate House, Near Jhabua Tower, RNT Marg, Indore vs. Principal Commissioner of :: Respondent Income tax (I), Indore. PAN: AACCD6667R 1 Gaurav Oil Industries & Delight Lifelike Products Pvt. Ltd SA Nos. 74 &75/Ind/2019 Applicant by : S/Shri PankaJ Shah & Manoj Gupta, CAs Respondent by : Shri R.P. Mourya, Sr.DR Date of hearing 24.09.2019 Date of pronouncement : 24.09.2019 ORDER PER KUL BHARAT, J.M. By present stay applications, assessees are seeking stay of proceedings including transfer pricing pertaining to Assessment Year 2014-15 being undertaken by A.O pursuant to order dated 19.3.2019 and 18.03.2019 respectively passed u/s 263 of Income Tax Act, 1961 (hereinafter called as Act). 2. Ld. Counsel for assessees submitted that assessees had filed application against exercising power under section 263 of Act. He submitted that assessing officer is in process of concluding assessment proceedings being framed in pursuance to impugned order of Ld. CIT. He submitted that order of Ld. CIT has been challenged before this Tribunal and is pending adjudication in ITA No.453/Ind/2019 and ITA No.452/Ind/2019. Ld. Counsel submitted that there would be multiplicity of litigation in case assessees succeed in their appeals. Then assessment proceedings so made would become 2 Gaurav Oil Industries & Delight Lifelike Products Pvt. Ltd SA Nos. 74 &75/Ind/2019 nullify. Ld. Counsel submitted that this Tribunal has all power to stay assessment proceedings. 3. On other hand, Ld. Departmental Representative opposed request and submitted that assessee is not seeking stay of demand but seeking stay of assessment proceedings which are due as per law and even assessees have no prima facie case. 4. We have heard rival contentions and perused records placed before us. We find that present stay applications are for stay of assessment proceedings and before us, Ld. Counsel for assessee could not be able to impress upon this Bench by bringing any cogent material on record in support of prayer for stay of assessment proceedings. Further, alternatively, Ld. Counsel for assessee also requested for early hearing of appeals. Considering rival submissions, we are of considered view that stay applications deserve to be dismissed. However in view of fact that both relevant appeals relate to Section 263 and also in interest of justice, we grant early hearing of appeals. Both appeals are directed to be fixed for hearing on 21.10.2019 on out of turn basis. 3 Gaurav Oil Industries & Delight Lifelike Products Pvt. Ltd SA Nos. 74 &75/Ind/2019 5. stay applications are disposed off accordingly in terms indicated hereinabove. Order was pronounced in open court on 24.09.2019. Sd/- Sd/- (MANISH BORAD) (KUL BHARAT) ACCOUNTANT MEMBER JUDICIAL MEMBER Indore: 24th September, 2019 /Dev Copy to: Assessee/AO/Pr. CIT/ CIT (A)/ITAT (DR)/Guard file. By order Asstt.Registrar, I.T.A.T., Indore 4 Gaurav Oil Industries v. Principal Commissioner of Income-tax (I), Indore