In case of appeal for stay of collection of demand the assessee have to give surety to the AO for the outstanding amount

IN THE INCOME TAX APPELLATE TRIBUNAL

"C" Bench, Mumbai

Before Shri D. Manmohan, Vice President and Shri J. Sudhakar Reddy, Accountant Member

SA No. 99/Mum/2012

(Arising out of ITA No. 7055/Mum/2011)

(Assessment Year: 2008-09)

M/s.Continental Warehousing

Corporation (Nava Seva) Ltd.

D. No. 1088, Khopta Village

Tal. Uran, Dist: Raigad, Navi Mumbai

PAN - AAACC 5849 C

Applicant

Vs.

ACIT, Panvel Circle

Panvel, Dist Raigad

Respondent

Applicant by: Shri Vipul B. Joshi &

Shri Sameer G. Dalal

Respondent by: Shri P.C. Maurya

Date of Hearing: 24.02.2012

Date of Pronouncement: 24.02.2012

O R D E R

Per D. Manmohan, V.P.

By this application the assessee company seeks stay of collection of outstanding demand of `3.16 crores pending disposal of the appeal and also requests for posting the appeal on out-of-turn basis.

2. The learned counsel for the assessee explained the facts of the case in detail to highlight that it has a strong prima facie case on merits and the balance of convenience is in favour of granting conditional stay, in the event of not accepting the request for absolute stay.

3. We have heard the learned D.R. in this regard and carefully perused the record. Having regard to the circumstances of the case we are of the view that the balance of convenience is in granting conditional stay. As declared in the open court, assessee is directed to pay a sum of `75,00,000/- on or before 15th March 2012 and with regard to the balance outstanding demand assessee should furnish proper surety to the Assessing Officer. The Registry is directed to post the appeal for final hearing on 23rd April 2012. Since the date is announced in the open court the issuance of notice to the parties is dispensed with.

4. In the result, the stay application is partly allowed.

Order pronounced in the open court on 24th February 2012.

                                                       Sd/-                         Sd/-

                                       (J. Sudhakar Reddy)      (D. Manmohan)

                                        Accountant Member       Vice President

Mumbai, Dated: 24th February 2012

Copy to:

1. The Appellant

2. The Respondent

3. The CIT(A) – I -Thane, Mumbai

4. The CIT– II- Thane, Mumbai City

5. The DR,“C“ Bench, ITAT, Mumbai

//True Copy//

                                                                                                                      By Order

                                                                                                                    Assistant Registrar

ITAT, Mumbai Benches, Mumbai

n.p.