I N T H E I NC OM E T X P PEL L TE T RI B U N AL D I VI SI O N B E N C H , B , C H AND I G AR H BEFORE SHRI N.K. SAINI, VICE PRESIDENT & SHRI SANJAY GARG, JUDICIAL ME MBER Stay Application No. 50/Chd/2019 ( In ITA No. 1 0 6 8 / C H D / 2 0 1 9 Assessment Year : 2 0 1 4 - 1 5 Shri Sham Sunder Kapoor, ACIT, Circle 4(1), House No. 1515, Sector 34-D, Chandigarh Chandigarh PAN NO: AFYPK8505M Appellant Respondent Assessee by Sh. Harry Ricky, Advocate Revenue by Shri Ritesh Parmar , Sr. DR - 1 Date of Hearing : 27.09.2019 - 1 Date of Pronouncement 27.09.2019 Order Per Sanjay Garg, Judicial Member present is Stay Application moved by assessee applicant seeking Stay of recovery of outstanding demand raised in respect of penalty levied by Assessing Officer u/s 271 (1)(c) of Income Tax Act, 1961 (in short 'the Act'). 2. It has been pleaded in application that in quantum assessment proceedings, assessee voluntarily surrendered income of Rs. 1,27,71,250/-, whereupon, assessee duly paid due taxes Stay No. 50/Chd/2019 in ITA No. 1068/Chd/2019- Shri Sham Sunder Kapoor, Chandigarh 2 amounting to Rs. 58,47,330/-. However, Assessing Officer subsequently levied penalty in penalty proceedings carried out u/s 271 (1)(c) of Act amounting to Rs. 44,62,120/-. assessee out of aforesaid penalty demand has already deposited sum of Rs. 13,07,127/-. assessee has further pleaded that assessee voluntarily surrendered additional income and paid due taxes. That even assessee had paid considerable amount out of penalty levied by Assessing Officer. That appeal of assessee is pending before this Tribunal in which assessee has fair case on merits. assessee has also requested for early hearing of appeal. It has been pleaded that assessee will be put to dire financial constraints, if remaining amount of penalty is recovered from assessee through coercive means by Department. Therefore, present application has been moved by assessee seeking stay of recovery of remaining amount of penalty during pendency of appeal. 3. We have heard rival contentions and have also gone through record. Considering rival submissions, in our view, interest of justice will be well serviced if recovery of remaining amount is stayed subject to deposit of Rs. 5 lacs more by assessee before 15.10.2019. assesses s request for out of turn of early hearing Stay No. 50/Chd/2019 in ITA No. 1068/Chd/2019- Shri Sham Sunder Kapoor, Chandigarh 3 of appeal is accepted and matter in main appeal is posted for hearing on 23.10.2019. No separate notice will be issued. In result, Stay Application of assessee is hereby allowed Order pronounced in Open Court on 27.09.2019. Sd/- Sd/- (N.K. SAINI) (SANJAY GARG) Vice President 'Judicial Member Dated 27. 09.2019 . Copy of order forwarded to 1. Appellant 2. Respondent 3.CIT 4. 8 CIT(A) 5. 6 DR, ITAT, CHANDIGARH 6. Guard File By order, Assistant Registrar Sham Sunder Kapoor v. ACIT, Circle-4(1), Chandigarh