J.P. MORGAN ADVISORS INDIA P.LTD, V. DCIT CIR 3(2),

MA 123/MUM/2014

• Counselvise Citation: [2014] 124 COUNSELVISE.COM (IT) 2120 (ITAT-MUMBAI)
• Duration Of Justice: 3 month(s) 11 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 18-07-2014
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: K
• Assessment Year: 2009-2010
• Appeal Filed On: 07-04-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Application of stay

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL K , BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMIT SHUKLA , J M M A NO. 123 / MUM/20 1 4 (ARISING OUT OF SA NO. 42/MUM/2014) ( ARISING OUT OF ITA NO.990/MUM/2014) ( ASSESSMENT YEAR :2009 - 2010 ) J.P.MOR GAN ADVISORS INDIA PRIVATE LIMITED, J.P.MORGAN TOWER, OFF CST ROAD, KALINA, SANTACRUZ (EAST), MUMBAI - 400 098 VS. DCIT, CIR - 3(2), MUMBAI. PAN NO. : AABCJ 4509 K APP LICANT .. RESPONDENT ASSESSEE BY : SHRI NISHANT THAKKAR REVENUE BY : SHRI DURGA DUTT DATE OF HEARING : 18 TH JU LY , 201 4 DATE OF PRONOUNCEMENT : 18 TH JU LY , 201 4 O R D E R PER R.C.SHARMA, AM : THIS MISCELLANEOUS APPLICATION AROSE OUT OF THE ORDER PASSED BY THE TRIBUNAL IN STAY APPLICATION NO. 42/MUM/2014 PERTAINING T O ITA NO. 990/MUM/2014. 2 . WE HAVE GONE THROUGH THE MISCELLANEOUS APPLICATION, WHEREIN LEARNED AR HAS POINTED OUT THAT DURING THE COURSE OF HEARING OF THE STAY APPLICATION, THE ASSESSEE EXPRESSED HIS WILLINGNESS TO PAY 10% OF THE TOTAL OUTSTANDING DEMAND, WHICH WORKS OUT TO BE RS.2.34 CRORES. AS PER LEARNED AR ON FURTHER SUGGESTION TO ROUND OFF THE PAYMENT OF RS. 2.34 CRORES TO RS. 2.5 CRORES, LEARNED AR AGREED. HOWEVER, VIDE SAID ORDER OF THE TRIBUNAL D A TED 21 - 3 - 2014 THE ASSESSEE WAS ASKED FOR MA NO. 123 /20 1 4 2 PAYMENT OF RS . 3 CRORES AS A CONDITION PRECEDENT FOR GRANT OF STAY. AS PER LEARNED AR OWING TO ABOVE VARIATION HAVING CREPT INTO THE ORDER, THE ASSESSEE WAS PUT TO GRAVE HARDSHIP, THEREFORE, PRAYS FOR MODIFICATION IN THE STAY ORDER SO AS TO ASK HE ASSESSEE TO PAY A SUM OF RS. 2.5 CRORS INSTEAD OF RS. 3 CRORES. 3 . ON THE OTHER HAND, LEARNED DR STRONGLY OPPOSED THE MISCELLANEOUS APPLICATION. 4 . WE HAVE GONE THROUGH THE MISCELLANEOUS APPLICATION AND THE STAY ORDER PASSED BY US WHEREIN WE DO NOT FIND ANY MISTAKE MUCH LESS TH AN AN APPARENT MISTAKE WHICH CAN BE RECTIFIED UNDER SECTION 25 4(2) OF THE I.T. ACT. THE STAY ORDER WAS PASSED WITH CONDITION TO PAY RS. 3 CRORES, MERELY BECAUSE THE ASSESSEE WAS WILLING TO PAY RS. 2.5 CRORES, THE ORDER PASSED BY THE TRIBUNAL , CANNOT BE BRAND ED WITH THE ORDER HAVING AN APPARENT MISTAKE. AFTER CONSIDERING THE ENTIRE FACT SAND MATERIAL VIS - - VIS BALANCE OF CONVENIENCE, THE TRIBUNAL HAS PUT THE CONDITION FOR PAYMENT OF RS. 3 CRORES AND THERE IS NO MISTAKE MUCH LESS AN APPARENT IN THE ORDER OF THE TRIBUNAL WHICH CAN BE RECTIFIED U/S. 254(2) OF THE I.T. ACT. 5 . IN THE RESULT, THE MISCELLANEOUS APPLICATION FILED BY THE ASSESSEE IS DISMISSED . ORDER PRONOUNCED IN THE OPEN COURT ON THIS 18 TH JULY , 201 4 . SD/ - ( AMIT SHUKLA ) SD/ - ( R.C.SHARMA ) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED : 18 /0 7 /2014 /PKM , PS MA NO. 123 /20 1 4 3 COPY OF THE ORDER FORWARDED TO : / BY ORDER, ( ASSTT. REGISTRAR) / ITAT, MUMBAI 1. / THE APPELLANT 2. / THE RESPONDENT. 3. / THE CIT(A), MUMBAI. 4. / CIT 5. / DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY//