M/S. INFORMATION EVOLUTION INDIA PVT. LTD.,COIMBATORE V. .DCIT, TP-2, CHENNAI

SA 84/CHNY/2024

AI Insights

The case involves M/s. Information Evolution India Pvt. Ltd., the appellant, who filed a stay application against the outstanding demand raised by the Deputy Commissioner of Income Tax, TP-2, Chennai. The demand was primarily due to TP adjustments for the Assessment Year 2021-22. The appellant argued that they had already remitted more than 20% of the demand and that the dispute centered on the inclusion/exclusion of certain comparables in the TP analysis. The Departmental Representative did not contest the appellant's submissions but opposed the stay. The Tribunal considered the circumstances and granted the stay, requiring the appellant to remit an additional amount to demonstrate compliance and good faith.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 29885 (ITAT-CHENNAI)
• Appeal Type: Stay Application
• Pronouncement Date: 27-12-2024
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Assessment Year: 2021-2022
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M.P. GURUPRASAD
• Assessee Lawyers: SURAJ NAHAR; C.A
• Keywords: Application of stay

Judgement Text

" आयकर अपीलीय अिधकरण, ‘डी’ \u000fा यपीठ, चे\u0014ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH: CHENNAI \u0017ी एबी टी. वक , \u000fा ियक सद एवं \u0017ी जगदीश, लेखा सद क े सम& BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI JAGADISH, ACCOUNTANT MEMBER 'े या िचका सं. / S.A No.84/Chny/2024 (arising out of IT(TP)A No.94/Chny/2024) िनधा *रण वष* / Assessment Year: 2021-22 M/s. Information Evolution India Pvt. Ltd., Module No.002/2, Ground Floor, Tidel Park Coimbatore Ltd., Elcosez, Coimbatore Aerodrome S.O, Coimbatore – 641 014. Vs. The Dy. Commissioner of Income Tax, TP-2, Chennai. [PAN: AACCI 9570N] (अपीलाथ\u0007/Appellant) (\b यथ\u0007/Respondent) अपीला थ की ओर से/ Appellant by : Shri Suraj Nahar, C.A ./थ की ओर से /Respondent by : Shri M.P. Guruprasad, Addl. CIT सुनवा ई की ता रीख/Date of Hearing : 27.12.2024 घोषणा की ता रीख/Date of Pronouncement : 27.12.2024 आदेश / O R D E R PER JAGADISH, A.M : This is a stay application preferred by the assessee requested for stay of outstanding demand of Rs.24,49,140/- for the Assessment Year 2021-22. SA No.84/Chny/2024 (AY 2021-22) (Arising in IT(TP)A No.94/Chny/2024) :- 2 -: 2. At the outset, the Ld. A.R of the assessee brought to our notice that the demand raised is to the tune of Rs.30,61,425 (Tax Rs. 19,47,347/- + interest Rs. 11,14,078/-), out of which, the assessee has already remitted more than 20% of the demand i.e., Rs.6,12,285/-. Thus, the outstanding amount is to the tune of Rs.24,49,140/-. According to the assessee, the addition has arisen from the TP adjustment made and the dispute is only regarding inclusion/exclusion of certain comparables. Therefore according to him, balance of convenience is in the assessee’s favour. Hence, he pleads for stay of the remaining outstanding demand. 3. Per contra, the Ld. Departmental Representative could not controvert the aforesaid submissions of the assessee but resisted the demand of stay. 4. Having heard both the sides and after perusal of the records, we note that the assessee has remitted 20% of the demand, and during the hearing, the Ld. AR has undertaken to remit 10% of outstanding balance i.e., Rs. 2,44,914/-, before 31.01.2025. SA No.84/Chny/2024 (AY 2021-22) (Arising in IT(TP)A No.94/Chny/2024) :- 3 -: Considering the fact that the addition is mainly on account of TP adjustment and the dispute is only regarding inclusion/exclusion of certain comparables. Therefore, we are inclined to grant stay of the balance/outstanding demand provided assessee remits Rs. 2,44,914/- before 31.01.2025, and it is noted that the appeal is fixed for hearing on 09.01.2025, and the assessee shall not seek an adjournment without just cause. Accordingly, the stay is granted for six months or till the appeal is heard whichever is earlier. In view of the above, the stay application filed by the assessee is allowed in the aforesaid terms. 5. In the result, the stay application filed by the assessee is allowed. Order pronounced on 27th December, 2024. Sd/- Sd/- (एबी टी. वक ) (ABY. T. Varkey) \u000fाियक सद / Judicial Member (जगदीश) (Jagadish) लेखा सद /Accountant Member चे\u0010नई/Chennai, \u0013दनांक/Dated: 27th December, 2024. EDN/- SA No.84/Chny/2024 (AY 2021-22) (Arising in IT(TP)A No.94/Chny/2024) :- 4 -: आदेश क\u0016 \bितिल\u0019प अ\u001aे\u0019षत/Copy to: 1. अपीलाथ\u0007/Appellant 2. \b थ\u0007/Respondent 3. आयकर आयु\u000f/CIT, Chennai 4. िवभागीय \bितिनिध/DR 5. गाड\u0018 फाईल/GF "