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Tamil Nadu Water Investment Co v/s Acit Corporate Circle 3(1)

    S.P. No. 344/Chny of 2018, (I.T.A.No. 3106/Chny of 2017

    Decided On, 16 November 2018

    At, Income Tax Appellate Tribunal Chennai

    By, THE HONOURABLE MR. GEORGE MATHAN
    By, JUDICIAL MEMBER & THE HONOURABLE MR. A. MOHAN ALANKAMONY
    By, ACCOUNTANT MEMBER

    For the Appellant: R. Viswanathan, C.A. For the Respondent: V. Sreenivasan, JCIT, D.R.



Judgment Text

George Mathan, Judicial Member:

1. This is a Stay Petition filed by the assessee in ITA No. 3106/Chny./2017 for assessment year 2008-09.

2. Shri R.Viswanathan represented on behalf of the Assessee and Shri V.Sreenivasan represented on behalf of the Revenue.

3. It was submitted by ld.A.R that the appeal of assessee is posted for hearing on 08.04.2019. It was a submission that the disputed demand was nearly ‘14.6 crores, out of which refund of ‘5.89 crores has been requested to adjust against the demand and after adjusting ‘5.89 crores, balance of ‘8.81 crores was pending. It was a submission that an earlier occasion, the Tribunal had already granted the stay of recovery of disputed tax. It was a submission that on account of non availability of Senior Advocate, the assessee had been compelled to seek adjournment on the last occasion. It was a submission that the assessee may be granted stay of recovery of the disputed taxes.

4. In reply, the Ld.DR vehemently opposed the Stay Petitions. It was a submission that the assessee is not to be given blanket stay. It was a submission that the assessee may be granted installment scheme.

5. We have considered the rival submissions. After looking into the cash flow of the assessee & the financial of the assessee, and considering the facts in the present case, without going into the merits the assessee is granted the installment scheme of `50.00 lakhs per month. The first installment is to be paid on or before 30.11.2018 and the subsequent installments to be paid on or before 30th of every succeeding month. In the event that the assessee violates the installment scheme granted, the stay granted to the assessee shall stand vacated. If the assessee see

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ks adjournment on the date of hearing, the installment scheme granted to the assessee shall stand vacated. 6. In the result, the Stay Petition filed by the assessee is partly allowed.
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