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Mahesh Chand Agarwal, B-378, New Friends Colony, New Delhi. vs. ITO, Ward-28(4), New Delhi.
February, 27th 2019
         IN THE INCOME TAX APPELLATE TRIBUNAL
              DELHI BENCH : SMC : NEW DELHI
     BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER
                          Stay Application No.154/Del/2019
                               (ITA No.436/Del/2019)
                              Assessment Year: 2014-15

Mahesh Chand Agarwal,                             Vs   ITO,
B-378, New Friends Colony,                             Ward-28(4),
New Delhi.                                             New Delhi.

PAN: AADPA1111H

      (Applicant)                            (Respondent)

            Assessee by               :      Shri Prabhat Agarwal, CA,
            Revenue by                :      Shri S.L. Anuragi, Sr. DR

            Date of Hearing       :          22.02.2019
            Date of Pronouncement :          27.02.2019

                                          ORDER


      The assessee, through this Stay Application, requests the Tribunal to stay the

realization of outstanding demand of Rs.5,82,220/-.


2.    The ld. counsel for the assessee, while explaining the stay application, submitted

that the assessee is an individual and filed his return of income declaring an income of

Rs.6,95,860/- wherein the assessee had claimed long-term capital gain of

Rs.16,24,208/- on sale of listed equity shares of M/s HPC Bioscience Limited claiming

exemption u/s 10(38) of the IT Act. He submitted that the Assessing Officer did not

allow the claim of long-term capital gain of Rs.16,24,208/- claimed u/s 10(38) of the
                                                                         SA No.154/Del/2019







Act and added back the same to the total income of the assessee u/s 68 of the IT Act.

The ld.CIT(A) upheld the action of the Assessing Officer.           Relying on various

decisions he submitted that the assessee has a strong prima facie case in its favour. He

submitted that the assessee has already deposited an amount of Rs.1,02,750/- out of the

total demand of Rs.6,84,970/- and the amount outstanding is Rs.5,82,220/-.             He

submitted that the assessee does not have sufficient funds in his bank account and it

has only a credit balance of Rs.82,449/- as on 15th March, 2019. He accordingly

submitted that full stay should be granted to the assessee on the balance outstanding

demand. He also requested for an out-of-turn hearing. The ld. DR, on the other hand,

strongly objected to the stay application filed by the assessee and submitted that the

assessee should be directed to pay the entire amount forthwith.


3.     I have considered the arguments advanced by both the sides and perused the

relevant records. After considering the totality of the facts of the case, I direct the

assessee to deposit an amount of Rs.2 lakhs in two instalments of Rs.1 lakh each by

10th March, 2019 and 20th March, 2019 respectively and the balance amount is stayed

for a period of six months from today or the order of the Tribunal whichever is earlier.

The request of the assessee for an out-of-turn hearing is also accepted and the appeal is

fixed for hearing on 29th March, 2019 which was announced in the open court. It was

further announced that no separate notice of hearing shall be sent to which both the

parties agreed.









                                           2
                                                                       SA No.154/Del/2019



4.    In the result, the Stay Application filed by the assessee is allowed in the terms

indicated above.

       The decision was pronounced in the open court on 27.02.2019.


                                                                Sd/-
                                                            (R.K. PANDA)
                                                        ACCOUNTANT MEMFBER

Dated: 27th February, 2019

dk

Copy forwarded to

1.    Appellant
2.    Respondent
3.    CIT
4.    CIT(A)
5.    DR
                                                   Asstt. Registrar, ITAT, New Delhi




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