TOWERS WATSON INDIA P.LTD, V. ASST CIT CIR 11(3),

MA 95/MUM/2015

• Counselvise Citation: [2015] 124 COUNSELVISE.COM (IT) 3064 (ITAT-MUMBAI)
• Duration Of Justice: 23 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 08-05-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: K
• Assessment Year: 2010-2011
• Appeal Filed On: 15-04-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Application of stay

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH K , MUMBAI , , BEFORE SHRI RAJENDRA , ACCOUNTANT MEMBER AND SHRI SANJAY GARG , JUDIC IAL MEMBER M A NO. 9 5 /M/2015 ( ARISING OUT OF SA 91/M/2015 IN ITA NO. 1140 /M/ 2015 ) ( / ASSESSMENT YEAR: 2010 - 11 ) M/S. TOWERS WATSON INDIA PVT. LTD., 511/512, SOLITAIRE CORPORATE PARK, 151, ANDHERI KURLA ROAD, ANDHERI (EAST), MUMBAI 400 093 PAN: AAACG2955K / VS. THE ACIT, CIRCLE 11(3)1, ROOM NO.427, 4 TH FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI 400 020 ( / APPELLANT) ( / RESPONDENT) PRESENT FOR : ASSESSEE BY : SHRI M.P. L OHIA, A.R. REVENUE BY : SHRI VIVEK PERAMPURNA , D.R. / DATE OF HEARING : 08 .0 5 .2015 / DATE OF PRONOUNCEMENT : 08. 0 5 .2015 / O R D E R PER SANJAY GARG, JUDICIAL MEMBER: THE PRESENT MISCELLANEOUS APPLICATION HAS B EEN MOVED BY THE ASSESSEE PLEADING THAT AN ERROR ON RECORD HAS OCCURRED IN THE ORDER DATED 27.03.15 PASSED IN SA NO.91/M/2015 ARISING OUT OF ITA NO.1140/M/2015. MA NO.95/M/2015 (ARISING OUT OF SA 91/M/2015 IN ITA NO.1140/M/2015) M/S. TOWERS WA TSON INDIA PVT. LTD. 2 2. THE LD. A.R. OF THE ASSESSEE HAS SUBMITTED THAT THE BENCH HAD GRANTED THE STAY OF DEMAND SUBJECT TO PAYMENT BY THE APPLICANT 50% OF RS.1,33,10,497/ - WHICH AMOUNT HAS BEEN CALCULATED BY THE ASSESSEE IN HIS CHART EXHIBIT - 3 PLACED AT PAGE 7 OF THE PAPER BOOK. THE LD. A.R. HAS SUBMITTED THAT THE BENCH HAD CONSIDERED THE SUBMISSIONS OF THE ASSESSE E THAT IF THE B ROUGHT FORWARD LOSS OF RS.2,69,4 5 , 007 / - WOULD BE SET OFF FROM THE INCOME OF THE CURRENT YEAR, THERE WILL NOT BE ANY TAX DEMAND AGAINST THE ASSESSEE. 3. SUBMISSIONS OF THE LD. A.R. HAS BEEN CONSIDERED. THE LD. D.R. HAS ALSO BEEN HEARD IN THIS RESPECT. 4. WE FIND THAT AFTER CONSIDERING THE SUBMISSIONS OF THE LD. A.R. , THE BENCH HAD GRANTED THE STAY OF RECOVERY OF OUTSTANDING TAX DEMAND SUBJECT TO PAYMENT OF 50%OF THE AMOUNT OF RS.1,33,10,497/ - . HOWEVER, WHILE DICTATING THE ORDER THE FIG URE HAS BEEN WRONGLY WRITTEN AS RS.2,77,22,720/ - WHICH ACTUALLY WAS THE AMOUNT OF RELIEF GRANTED TO THE ASSESSEE BY THE LD. D.R. HENCE, A MISTAKE APPARENT ON RECORD HAS CREPT IN THE ORDER DATED 27.03.15 AND THE SAME REQUIRES RECTIFICATION. WE THEREFORE D IRECT THAT PARA 3 & 4 OF THE ORDER DATED 27.03.15 BE SUBSTITUTED AND READ AS UNDER: 3. TODAY, THE LD. A.R. OF THE ASSESSEE HAS STATED THAT THE APPLICATIONS OF THE ASSESSEE HAVE BEEN DECIDED BY THE AO AS WELL AS THE DRP AND THE TAX DEMAND HAS BEEN CONSIDE RABLY REDUCED. HE HAS SUBMITTED A CHART TO SHOW THAT AFTER THE ORDER DATED 20.03.2015 PASSED BY THE DRP ON THE APPLICATION OF THE ASSESSEE, THE OUTSTANDING DEMAND NOW WILL REMAIN AT RS. 2,79,11,797 / - . HE HAS FURTHER SUBMITTED THAT THE ASSESSEE HAS A FAIR CASE AND THE IMPUGNED ADDITIONS/TAX DEMAND IS LIKELY TO BE DELETED IN THE APPEAL BEFORE THIS TRIBUNAL. THE LD. A.R. HAS FURTHER SUBMITTED THAT EVEN IF THE ASSESSEE IS ALLOWED THE SET OFF OF BROUGHT FORWARD LOSSES OF RS.2,69,45,007/ - THE OUTSTANDING DEMAND WILL BE REDUCED TO NIL. 4. CONSIDERING THE OVERALL FACTS AND CIRCUMSTANCES OF THE CASE, WE ARE OF THE VIEW THAT THE INTEREST OF JUSTICE WILL BE WELL SERVED IF THE OUTSTANDING DEMAND IS STAYED SUBJECT TO PAYMENT OF 50% OF THE AMOUNT OF RS.1,33,10,497/ - WHICH THE ASSESSEE HAS CALCULATED IN THE CHART EXHIBIT - 3 PLACED AT PAGE 7 OF THE PAPER BOOK . WE ACCORDINGLY, STAY THE RECOVERY OF THE OUTSTANDING TAX DEMAND SUBJECT TO DEPOSIT MA NO.95/M/2015 (ARISING OUT OF SA 91/M/2015 IN ITA NO.1140/M/2015) M/S. TOWERS WA TSON INDIA PVT. LTD. 3 OF 50% OF THE AMOUNT OF RS.1,33,10,497/ - IN TWO EQUAL INSTALLMENTS ON OR BEFORE 30 TH APRIL 2015. 5. WE ORDER ACCORDINGLY . NECESSARY CORRIGENDUM IS BEING ISSUE D IN THIS RESPECT , THE COPY OF THE SAME BE ATTACHED WITH THE ORIGINAL ORDER DATED 27.03.2015. ORDER PRONOUNCED IN THE OPEN COURT ON 08. 0 5 . 201 5 . 08. 05 .2015 SD/ - SD/ - ( / RAJENDRA ) ( / SANJAY GARG) / ACCOUNTANT MEMBER / JUDICIAL MEMBER /MUMBAI ; / DATED 08.0 5 . 201 5 * KISHORE / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. / BY ORDER, //TRUE COPY// / ( DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI