M/S.GEOJIT BNP PARIBAS FINANCIAL SERVICES LTD. V. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -1 (2)

WP(C)/25963/2013

AI Insights

The case involves M/S Geojit BNP Paribas Financial Services Ltd., which filed a writ petition against the Assistant Commissioner of Income Tax and other tax authorities concerning multiple assessment and penalty orders. The petitioner contested these orders and sought a stay on the recovery of the demanded amount, which totaled Rs. 22,50,00,000. The petitioner had already deposited Rs. 6,10,00,000 towards this demand. The court's decision focused on balancing the interests of justice by expediting the appeal process while ensuring the tax authorities could proceed with recovery if the petitioner failed to meet the additional deposit conditions.

• Counselvise Citation: [2013] 140 COUNSELVISE.COM (IT) 699629 (HC-KERALA)
• Appeal Type: Others
• Pronouncement Date: 24-10-2013
• Assessment Year: misc
• Laws Referred To: Income Tax Act
• Result in Favour of: Partly Allowed
• Court: HIGH COURT
• Department Lawyers: JOSE JOSEPH
• Assessee Lawyers: JOSEPH MARKOSE; V MARKOS; BINU MATHEW; TOM THOMAS; ABRAHAM MARKOS; ABRAHAM THARAKAN
• Keywords: Appeal; Assessment Order; Income Tax; Penalty order; Stay of recovery
• Section: 271D; 271E

Judgement Text

"IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT: THE HONOURABLE MR.JUSTICE V.CHITAMBARESH THURSDAY, THE 24TH DAY OF OCTOBER 2013/2ND KARTHIKA, 1935 WP(C).No. 25963 of 2013 (U) --------------------------------------- PETITIONER(S): -------------------------- M/S.GEOJIT BNP PARIBAS FINANCIAL SERVICES LTD. 5TH FLOOR, FINANCE TOWERS KALOOR, KOCHI - 682 017 REPRESENTED BY ITS MANAGING DIRECTOR MR. C.J. GEORGE BY ADVS.SRI.JOSEPH MARKOSE (SR.) SRI.V.ABRAHAM MARKOS SRI.BINU MATHEW SRI.TOM THOMAS (KAKKUZHIYIL) SRI.ABRAHAM JOSEPH MARKOS SRI.ABRAHAM VARGHESE THARAKAN RESPONDENT(S): ---------------------------- 1. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -1 (2) KOCHI - 682 018 2. THE COMMISSIONER OF INCOME TAX (APPEALS) KOCHI - 682 018 3. THE COMMISSIONER OF INCOME TAXES KOCHI - 682 018 BY SRI.JOSE JOSEPH, SC, FOR INCOME TAX THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24-10-2013, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: DCS WP(C).No. 25963 of 2013 (U) APPENDIX PETITIONER'S EXHIBITS:- EXT. P1 COPY OF THE ASSESSMENT ORDER DATED 31.12.2008 FOR A.Y. 2005-06 EXT. P2 COPY OF THE ASSESSMENT ORDER DATED 07.12.2010 FOR A.Y. 2008-09 EXT. P3 COPY OF THE PENALTY ORDER DATED 29.06.2011 FOR A.Y. 2008-09 UNDER SECTION 271 D EXT. P4 COPY OF THE PENALTY ORDER DATED 29.06.2011 FOR A.Y. 2008-09 UNDER SECTION 271 E EXT. P5 COPY OF THE ASSESSMENT ORDER DATED 28.12.2011 FOR A.Y. 2009-10 EXT. P6 COPY OF THE APPEAL DATED 20.01.2009 FILED BY THE PETITIONER AGAINST EXHIBIT P1 ASSESSMENT ORDER EXT. P7 COPY OF THE APPEAL DATED 04.01.2011 FILED BY THE PETITIONER AGAINST EXHIBIT P2 ASSESSMENT ORDER EXT. P8 COPY OF THE APPEAL DATED 28.07.2011 FILED BY THE PETITIONER AGAINST EXHIBIT P3 PENALTY ORDER EXT. P9 COPY OF THE APPEAL DATED 28.07.2011 FILED BY THE PETITIONER AGAINST EXHIBIT P4 PENALTY ORDER EXT. P10 COPY OF THE APPEAL DATED 25.01.2012 FILED BY THE PETITIONER AGAINST EXHIBIT P5 ASSESSMENT ORDER EXT. P11 COPY OF THE STAY PETITION DATED 23.12.2011 FILED BY THE PETITIONER BEFORE THE 3RD RESPONDENT EXT. P12 COPY OF THE HEARING NOTICE DATED 23.05.2012 EXT. P13 COPY OF THE NOTES OF SUBMISSION DATED 04.07.2012 FILED BY THE PETITIONER EXT. P14 COPY OF THE POSTING NOTICE DATED 11.10.2012 EXT. P15 COPY OF THE POSTING NOTICE DATED 23.11.2012 EXT. P16 COPY OF THE PETITIONER'S REPRESENTATION DATED 7.11.2012 DCS WP(C).No. 25963 of 2013 (U) EXT. P17 COPY OF THE POSTING NOTICE DATED 13.02.2013 EXT. P18 COPY OF THE POSTING NOTICE DATED 28.08.2013 EXT. P19 COPY OF THE NOTICE OF DEMAND DATED 01.10.2013 EXT. P20 COPY OF THE PETITION FOR STAY AND EARLY DISPOSAL DATED 21.10.2013 FILED BY THE PETITIONER BEFORE THE 2ND RESPONDENT RESPONDENT'S EXHIBITS:- NIL /TRUE COPY/ P.A.TO JUDGE DCS V.CHITAMBARESH,J. ------------------------------- W.P.(C) No.25963 of 2013 ------------------------------------- Dated this the 24th day of October, 2013 J U D G M E N T The petitioner has filed Exts.P6 to P10 appeals against Exts.P1 to P5 orders of assessment and penalty. The petitioner has filed Ext. P20 petition for stay of recovery of the amount demanded in Ext. P19 notice. Ext. P19 notice depicts the total amount allegedly due from the petitioner under Exts. P1 to P5 orders. 2. It is pointed out that the petitioner has already deposited Rs. 6,10,00,000/- (Rupees Six Crores and Ten Lakhs only) towards the total demand of Rs. 22,50,00,000/- (Rupees Twenty Two Crores and Fifty Lakhs only) . Interest of justice would be met by directing the second respondent to dispose of Exts. P6 to P10 appeals as expeditiously as possible. Every endeavour shall be made to dispose of the appeals within a period of three months from the date of receipt of a copy of this judgment. 3. The coercive steps against the petitioner pursuant to Ext.P19 notice shall be put on hold in the meanwhile. This is subject to the condition that the petitioner deposits a further W.P.(C) No.25963 of 2013 2 sum of Rs. 1,00,00,000/- (Rupees One Crore only) towards the dues with the first respondent in two instalments. The first instalment shall be made on or before 30.11.2013 and the second instalment shall be made on or before 31.12.2013. The recovery proceedings can continue if the petitioner commits default in the payment of instalments as directed above. The writ petition is disposed of. SD/- V.CHITAMBARESH JUDGE DCS "