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 Income Tax Addition Made Towards Unsubstantiated Share Capital Is Eligible For Section 80-IC Deduction: Delhi High Court

Cairn India Ltd 3rd 4th Floor, Vipul Plaza, Suncity, Sector- 54, Gurgaon (Haryana)-122003 V/S Asstt Director of Income Tax, International Taxation Ahmedabad
December, 13th 2013
                                      S.P. No.95 to 99/A/2013
                                           1
                                    (In ITA Nos.2680 to 2684/A/2012)
.                                      A.Y. 2008-09
  IN THE INCOME TAX APPELLATE TRIBUNAL " D " BENCH, AHMEDABAD
 (BEFORE SHRI D.K. TYAGI, J.M. & SHRI ANIL CHATURVEDI, A.M.)


                           S.P. Nos. 95 to 99 /AHD/2013
                        (in ITA Nos. 2680 to 2684/AHD/2012
                             (Assessment Year: 2008-09)

       Cairn India Ltd (Erstwhile V/S Asstt Director of Income
       known as Cairn Engergy         Tax, International Taxation
                      rd   th
       Gujarat BV) 3 4 Floor,         Ahmedabad
       Vipul Plaza, Suncity, Sector-
       54, Gurgaon (Haryana)-
       122003

         (Appellant)                            (Respondent)

         Appellant by         : Shri C.S. Agarwal Sr. Advocate
                                     With Pawan Kumar A.R.
         Respondent by        : Shri J.P. Jhangid. Sr. D.R.

                                   ( )/ORDER

Date of hearing                    : 06-12-2013
Date of Pronouncement              : 06-12-2013

PER SHRI ANIL CHATURVEDI,A.M.
  1.      Through this stay petition, Assessee wants us to extent the stay granted on
          14.06.2013.


  2.      At the time of hearing, learned counsel of the Assessee submitted that appeal
          of the Assessee could not be disposed of by the Tribunal, despite the fact that
          the Assessee never sought adjournment. He further submitted that all the
          cases have been fixed for hearing on 30.12.2013. He therefore urged that the
          stay granted on 14.06.2013 may kindly be extended for further period of six
          months or disposal of appeal whichever is earlier.
                                             2S.P. No.95 to 99/A/2013
                                            (In ITA Nos.2680 to 2684/A/2012)
.                                              A.Y. 2008-09
    3.   The learned D.R. on the other hand vehemently opposed this prayer of the
         Assessee and submitted that the Department has filed an application before
         the Hon'ble President ITAT requesting for transfer of case from Ahmedabad
         to Delhi since the jurisdiction lies before Delhi Tribunal. He further submitted
         that the Assessee be asked to furnish bank guarantee for the entire tax
         demand.







    4.   We have heard the rival submissions and perused the material on record. In
         view of the fact that there was no fault on the part of the Assessee in the
         appeal being not disposed off by the Tribunal and in view of the fact that the
         appeals have been fixed for hearing on 30.12.2013. We are of the view that in
         consideration of the aforesaid facts, the extension of stay be granted. We
         therefore grant extension of stay for another period of six months or disposal
         of appeal whichever is earlier.


    5.   In the result, the stay petition is allowed.


          Order pronounced in Open Court on 06 -12 - 2013.
         Sd/-                                                    Sd/-
   (D.K. TYAGI)                                          (ANIL CHATURVEDI)
 JUDICIAL MEMBER                                        ACCOUNTANT MEMBER
Ahmedabad.                    TRUE COPY
Rajesh

Copy of the Order forwarded to:-
1.    The Appellant.
2.    The Respondent.
3.    The CIT (Appeals) ­
4.    The CIT concerned.
5.    The DR., ITAT, Ahmedabad.
6.    Guard File.
                                                             By ORDER



                                                        Deputy/Asstt.Registrar
                                                          ITAT,Ahmedabad





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