Appeal details
Counselvise Citation
[2024] 138 COUNSELVISE.COM (IT) 8080 (ITAT-DELHI)
Assessee PAN
Bench
Appeal Number
Duration Of Justice
3 month(s) 11 day(s)
Appellant
Respondent
Appeal Type
Others
Pronouncement Date
13-12-2024
Appeal Filed By
Assessee
Order Result
Allowed
Bench Allotted
I
Assessment Year
2020-2021
Appeal Filed On
02-09-2024
Judgement Text
"Page | 1 \n \nINCOME TAX APPELLATE TRIBUNAL \nDELHI BENCH “I”: NEW DELHI \nBEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER \nAND \nSHRI M. BALAGANESH, ACCOUNTANT MEMBER \n \nSA No. 364/Del/2024 \n(In ITA No.3972/Del/2024) \n (Assessment Year: 2020-21) \nCNH Industrial (India) Pvt. Ltd, \nLevel-4, Rectange-1, D4, District \nCenter, Commercial Complex, \nSaket, South Delhi, Delhi \nVs. DCIT, \nCircle-4(2), \nNew Delhi \n \n(Applicant) \n \n(Respondent) \nPAN: AAACI3922Q \n \n \n \n \n \n \nAssessee by : \nShri Manoj Kumar Pardasani, CA \n \nRevenue by: \nShri Sahil Kumar Bansal, Sr. DR \n \n \nDate of Hearing \n13/12/2024 \nDate of pronouncement \n13/12/2024 \n \nO R D E R \nPER VIKAS AWASTHY, JM: \n1. \n This stay application has been filed by the assessee for stay of \nrecovery of outstanding demand in AY 2020-21. \n2. \nThe ld. Counsel submits that after passing of rectification order dated \n11.12.2024, the total outstanding demand is Rs. 40.64 crores. The said \ndemand is arising primarily on account of Transfer Pricing Adjustment in \nrespect of:- \n \n(i) \nExport of goods, \na. \nForeign Exchange gains to be considered as operating \nb. \nAction Construction Ltd wrongly included in the list of \ncomparables. \n \n(ii) \nAvailing of intra-group services and \n\nSA No. 364/Del/2024 \nCNH Industrial (India) Pvt. Ltd \n \nPage | 2 \n \n \n(iii) \nInterest on outstanding receivables. \n \nInsofar as adjustment with regard to foreign exchange gains and \ninclusion of Action Construction Equipment Ltd, both these issues are \ndecided in favour of the assessee by the Tribunal in preceding assessment \nyear. The only issue which are for fresh adjudication in the impugned year is \nwith regard to intra group services, interest of outstanding receivables and \ndisallowance of health and education cess. The outstanding demand in \nrespect of aforesaid two adjustments/ additions is Rs. 3.41 crores. The ld. \nCounsel submitted that the assessee is willing to pay 20% of the outstanding \nin respect of issues which are not covered by earlier order of the Tribunal. \n3. \nThe ld DR insisted that the assessee may be directed to deposit 20% \nof the entire outstanding demand. \n4. \nWe have heard the submissions made by the rival sides. Considering \nfacts of the case, prima facie we are of considered view that insofar as the \nTP issue which are not covered by the order of Tribunal in assessee’s own \ncase in preceding assessment year, i.e. \n \n(i) \nIntra-group services; and \n(ii) \nInterest on outstanding receivables; the assessee shall pay an \namount equal to 20% of the total demand arising thereon: \n5. \nThe assessee is further directed to pay entire outstanding demand in \nrespect of disallowance of health and education cess. \n6. \nThe assessee shall deposit aforesaid amounts on or before 10.01.2025 \nand shall submit proof of the same before the Registry within two weeks. \n7. \nThe assessee shall file paper book if so advised on or before the date \nof hearing of appeal with an advance copy to opposite side. \n8. \nThe Registry is directed to fix the appeal for hearing on 04.02.2025. \nSince, the date of hearing of the appeal has been announced in the open \n\nSA No. 364/Del/2024 \nCNH Industrial (India) Pvt. Ltd \n \nPage | 3 \n \ncourt, in presence of both sides, issuance of separate notice of hearing is \ndispensed with. \n5. \nThe stay petition is allowed, in the terms aforesaid. \nOrder pronounced in the open court on 13/12/2024. \n \n -Sd/- \n \n \n \n \n-Sd/- \n (M. BALAGANESH) \n \n \n(VIKAS AWASTHY) \n ACCOUNTANT MEMBER \n JUDICIAL MEMBER \n \n Dated:13/12/2024 \nA K Keot \nCopy forwarded to \n1. Applicant \n2. Respondent \n3. CIT \n4. CIT (A) \n5. DR:ITAT \nASSISTANT REGISTRAR \nITAT, New Delhi \n \n \n \n"
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