Per Shri A.K. Garodia, Accountant Member; This stay petition is filed by the assessee seeking stay of outstanding demand of Rs. 92,25,900/- including interest u/s.234B of Rs. 34,52,599/- and interest u/s. 234C of Rs. 35,632/- for Assessment Year 2014-15.
2. In course of hearing, it was submitted by ld. AR of assessee that on 18.02.2019, the AO has rejected the stay petition of the assessee and on the same date, he has attached the bank account of the assessee as per notice u/s. 226(3) of IT Act dated 18.02.2019 available on page no. 31 of this stay petition. He submitted that under these facts, stay should be granted to the assessee and assessee is ready to pay Rs. 30 Lakhs by 15.03.2019. He also submitted that the AO should be directed to withdraw the attachment of assessees bank account. The ld. DR of revenue strongly opposed granting of stay.
3. We have considered the rival submissions and gone through the material available n record. Considering the facts of the present case as discussed S.P. No. 70/Bang/2019 (in IT(TP)A No. 78/Bang/2019) above, we feel it proper to grant stay to the assessee for a period of six months from the date of this order or till the disposal of the appeal whichever is earlier subject to payment of Rs. 30 Lakhs by assessee on or before 15.03.2019. The AO is also directed to immediately withdraw the attachment of assessees bank account. The AO is also directed that he should not take any coercive measure for collection of the outstanding demand till 15.03.2019 and if the assessee has complied with the terms of the stay by that date then after that also, the AO should not take any coercive measure for collection of outstanding demand for this year during currency of this stay order. The copy of this order to be issued to the Branch Manager, Bank of America, Ea Chambers, Express Avenue, 8th Floor, No-49,50L, Whites Road, Royapettah, Chennai 600014 for the information and doing the needful as directed in this order as per which demand is stayed resulting into no enforceable demand as on date. This appeal is already fixed for hearing on 09.07.2019. In view of the stay granted by us, we prepone the hearing to 08.04.2019. Since the date of hearing is pronounced in the open court, no separate notice of hearing is required to be issued. We want to make it clear that the assessee should not seek any adjournment in the course of hearing of the appeal without any justifiable reasons and if the assessee does so, then the stay granted by this order shall stand vacated automatically. The copy of the order be given to ld. AR of assessee and DR of the revenue under the signature of bench clerk for compliance.
4. In the result, the stay petition filed by the assessee is allowed. Order pronounced in the open court on the date of hearing on conclusion of the hearing. Sd/- Sd/- (LALIET KUMAR) (ARUN KUMAR GARODIA) Judicial Member Accountant Member Bangalore, Dated, the 22nd February, 2019. /MS/ S.P. No. 70/Bang/2019 (in IT(TP)A No. 78/Bang/2019) Copy to:
1. Appellant 4. CIT(A)
2. Respondent 5. DR, ITAT, Bangalore
3. CIT 6. Guard file By order Assistant Registrar, Income Tax Appellate Tribunal, Bangalore.