BUREAU VERITAS CONSUMER PRODUCTS SERVICES (INDIA) PRIVATE LIMITED,DELHI V. DCIT, CIRCLE-5(1), DELHI

SA 495/DEL/2024

AI Insights

The case involves Bureau Veritas Consumer Products Services (India) Pvt. Ltd, which filed a stay application concerning an outstanding tax liability of Rs.114,683,425 for the assessment year 2021-22. The company had declared an income of Rs.46,38,75,440, which was assessed at Rs.62,77,29,740 after additional assessments. The company argued that a significant portion of the demand could be covered by a refund from a previous assessment year (A.Y. 2013-14). The Department agreed to the adjustment of 20% of the demand against the refund, subject to verification. The tribunal's decision to stay the remaining demand was based on the preliminary assessment of the refund and the ongoing appeal process.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 38140 (ITAT-DELHI)
• Duration Of Justice: 9 day(s)
• Appeal Type: Others
• Pronouncement Date: 06-12-2024
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: I
• Next Hearing Date: 06-12-2024
• Assessment Year: 2021-2022
• Appeal Filed On: 27-11-2024
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RAJESH KUMAR DHANESTA
• Assessee Lawyers: HIMANSHU SINHA
• Keywords: TDS; Rectification of order; Application of stay

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “I” NEW DELHI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI RENU JAUHRI, ACCOUNTANT MEMBER S.A No.495/Del/2024 (In ITA No.5484/Del/2024) Assessment Year : 2021-22 Bureau Veritas Consumer Products Services (India) Pvt. Ltd, Shop No. 307, Third Floor, Vardhman, Vasundhara Plaza, Plot No.1, LSC Vasundhara Enclave, East Delhi Delhi- 110096 PAN No.AAACM6792J Vs. DCIT Circle – 5 (1) Delhi (Appellant) (Respondent) Assessee by : Sh. Himanshu Sinha, Advocate Sh. Prashant Meharchandani, Advocate Sh. J. S. Kataria, Advocate Department by : Sh. Rajesh Kumar Dhanesta, Sr. DR. Date of hearing : 06-12-2024 Date of pronouncement : 06-12-2024 O R D E R PER RENU JAUHRI, AM : This stay application by the assessee is directed towards the outstanding tax liability of Rs.114683420/- arising out of the assessment order for A.Y.2021-22. 2. Brief facts are that the return was filed declaring income of Rs.46,38,75,440/- for A.Y. 2021-22. The assessment was completed at an income of Rs.62,77,29,740/- after making additions to the tune of Rs.16,38,54,295/- on three issues. It has been submitted by the Ld. AR that there is a determined refund of Rs.2,86,04,197/- in the case of the assessee for A.Y. 2013-14 vide rectification order dated 08.08.2024. It has been further requested that 20% of the total outstanding demand of Rs.114683425/- is fully covered by this refund. Accordingly, the Ld. AR requested that the AO may be directed to recover 20% of the demand out of this refund and balance demand may be stayed till the disposal of appeal. ii. Ld. DR agreed with the proposition subject to verification of the refund determined and adjustment of 20% of outstanding demand out of it. 3. We have considered the rival submissions and perused the material available before us. As per the rectification order dated 08.08.2024 for A.Y. 2023-24, Ld. AO has allowed the assessee the credit of TDS claimed but not allowed earlier. 4. We, therefore, direct that the refund so determined should be adjusted against 20% on the outstanding demand. The balance 80% of the demand is stayed for a period of 180 days from the date of this order or till the disposal of appeal, whichever is earlier. Paper book, if any be filed before the next date of hearing with an advance copy to the opposite side, in accordance with ITAT Rules. The Registry is directed to fix appeal for hearing on 24.02.2025. Since, the date of hearing of appeal has been announced in the open court in presence of both sides, issuance of separate notice of hearing is dispensed with. 5. In the result, the stay application filed by the assessee is allowed. 6. Decision announced in the open court in the presence of both the parties on 06.12.2024. Sd/- Sd/- (VIKAS AWASTHY) (RENU JAUHRI) JUDICIAL MEMBER ACCOUNTANT MEMBER Dated: 06-12-2024 *Neha* Copy of order to: - 1) The Appellant 2) The Respondent 3) The CIT 4) The CIT(A) 5) 6) The DR, I.T.A.T., New Delhi//True Copy// Assistant Registrar ITAT, New Delhi "