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
Assessment Year: 2014-15
Mahesh Chand Agarwal, Vs ITO,
B-378, New Friends Colony, Ward-28(4),
New Delhi. New Delhi.
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
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
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
4. In the result, the Stay Application filed by the assessee is allowed in the terms
The decision was pronounced in the open court on 27.02.2019.
Dated: 27th February, 2019
Copy forwarded to
Asstt. Registrar, ITAT, New Delhi