Madhu Bala Jain, New Delhi v. Ito, Ward-59(4), New Delhi

The assessee, through this Stay Application, requests the Tribunal to stay on the realization of outstanding demand of Rs.8,49,440/-.

2. The ld. Counsel for the assessee, referring to the Stay Application, submitted that as against the returned income of Rs.11,57,290, the Assessing Officer determined the total income at Rs.34,71,102/- wherein he made addition of Rs.19,63,748/- by disallowing the claim of exemption u/s 10(38) of the and an amount of Rs.58,912/- by disallowing the cost of shares purchased. The Assessing Officer also disallowed the loss claimed on sale of shares of Rs.2,91,152/-. He submitted that out of the total demand of Rs.9,94,340/-, the assessee has already paid an amount of Rs.1,49,900/- and an amount of Rs.8,49,440/- is outstanding. He submitted that the SA No.284/Del/2019 2 assessee is not in a position to pay the huge balance amount of outstanding demand as it will cause undue hardship to the assessee. Relying on various decisions of the Tribunal, he submitted that identical issues have been decided in favour of the assessee. He accordingly submitted that full stay should be granted to the assessee. He also requested for an out-of-turn hearing.

3. The ld. DR, on the other hand, strongly opposed the stay application filed by the assessee.

4. After considering the rival arguments made by both the sides and on perusal of the material available on record, I am of the considered opinion that it is not a fit case for granting full stay on realization of balance outstanding demand. Considering the totality of the facts of the case and considering the fact that the assessee has paid only an amount of Rs.1,49,900/- out of total demand of Rs.9,99,340/-, I direct the assessee to deposit a further amount of Rs.3,50,000/- on or before 31 st March, 2019 and the balance amount is stayed for a period of six months from today or till the disposal of the appeal, whichever is earlier. The request of the assessee for an out-of-turn hearing is also accepted subject to the above payment on or before 31 st March, 2019 and the appeal is fixed for hearing on 19 th June, 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.

5. In the result, the Stay Application filed by the assessee is allowed in the terms indicated above.. SA No.284/Del/2019 3 The decision was pronounced in the open court at the time of hearing itself on

15.03.2019. Sd/- (R.K. PANDA) ACCOUNTANT MEMFBER Dated: 15 th March, 2019 dk Copy forwarded to

1. Appellant

2. Respondent

3. CIT

4. CIT(A)

5. DR Dy. Registrar, ITAT, New Delhi