M/s. Tono Foam , Bangalore V. Assistant Commissioner of Income Tax, Circle-7(2)(1), Bangalore

SA 107/BANG/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 5895 (ITAT-BANGALORE)
• Duration Of Justice: 1 year(s) 1 month(s) 9 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 01-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2014-2015
• Appeal Filed On: 22-03-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NANDINI DAS

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH A BEFORE SHRI A.K. GARODIA, ACCOUNTANT MEMBER AND SHRI LALIET KUMAR, JUDICIAL MEMBER S.P. NO. & ITA NO. PETITIONER RESPONDENT 107/BANG/2018 (IN ITA NO.485/BANG/2018) (A.Y. 2014 - 15) M/S. TONO FOAM, 2/7, FRIENDS COLONY, SINIVAGILU EXTN., VIVEKNAGAR, POST KORAMANGALA, BANGALORE 560047 PAN : A A IFT6728N THE ACIT, CIRCLE 7 (2) (1), BANGALORE. ASSESSEE BY :SMT. SUMAN LUNKAR, C. A. REVENUE BY S MT. NANDINI DAS . ADDL. CIT DR DATE OF HEARING :17.09.2018. DATE OF PRONOUNCEMENT :17.09.2018. O R DE R PER SHRI A. K. GARODIA, A.M. : THE ASSESSEE HAS FILED THIS STAY PETITION SEEKING STAY OF DISPUTED OUTSTANDING DEMAND OF RS. 77,80,003/- FOR A. Y. 2014 15.. 2. IN COURSE OF HEARING OF THIS STAY PETITION, IT W AS SUBMITTED BY THE LEARNED AR OF THE ASSESSEE THAT AFTER FILING THIS STAY PETITION O N 22.03.2018, THE ASSESSEE HAS MADE FURTHER PAYMENT OF RS.20 LACS ON 26.03.2018 AN D THE NET OUTSTANDING DEMAND AFTER THIS PAYMENT IS OF RS. 57,80,003/-. SH E FURTHER SUBMITTED THAT THERE IS A REFUND DUE TO THE ASSESSEE FOR A. Y. 201 7 18 OF RS. 22,87,495/- AS PER INTIMATION FOR THAT YEAR DATED 15.07.2018 COPY OF WHICH HAS BEEN SUBMITTED BY HER. SHE ALSO SUBMITTED THAT AS PER THIS INTIMAT ION U/S 245 DATED 09.08.2018 (COPY FILED), THE AO HAS PROPOSED TO ADJUST THAT RE FUND OF RS. 22,87,495/- AGAINST THE DEMAND FOR THE PRESENT YEAR. SHE SUBMIT TED THAT SHE IS NOT AWARE ABOUT THE REPLY FILED BY THE ASSESSEE AGAINST THIS COMMUNICATION U/S 245 BUT SHE SUBMITTED THAT THE ASSESSEE HAS NO OBJECTION TO SUCH REFUND ADJUSTMENT AND THE STAY MAY BE GRANTED SUBJECT TO THAT REFUND ADJUSTMENT. LEARNED DR OF THE REVENUE OPPOSED TO THIS REQUEST OF THE ASSESSEE FOR GRANTING OF STAY. 2 S.P. NO.107/BANG/2018 (IN ITA NO. 485/BANG/2018 3. WE HAVE CONSIDERED THE ENTIRE FACTS AS DISCUSSED ABOVE AND CONSIDERED THE RIVAL SUBMISSIONS. IN OUR CONSIDERED OPINION, SINCE THE ASSESSEE HAS MADE PAYMENT OF RS. 33,82,590/- AS PER THE LETTER DATED 12.09.2018 OF THE AO BROUGHT ON RECORD BY THE LEARNED DR OF THE REVENUE AND THE LEARNED AR OF THE ASSESSEE HAS AGREED TO ADJUSTMENT OF REFUND OF RS. 22,87,495/- BEING THE REFUND DUE AS PER INTIMATION DATED 15.07.2018 FOR A . Y. 2017 18, WE FEEL IT PROPER THAT SUBJECT TO THIS ADJUSTMENT OF REFUND OF RS. 22,87,495/- BEING THE REFUND DUE AS PER INTIMATION DATED 15.07.2018 FOR A . Y. 2017 18, STAY SHOULD BE GRANTED TO THE ASSESSEE FOR BALANCE DEMAND FOR A PERIOD OF THREE MONTHS FROM THE DATE OF THIS ORDER OR TILL THE DISPOSAL OF THIS APPEAL WHICHEVER IS EARLIER. WE ORDER ACCORDINGLY. WE WANT TO MAKE IT CLEAR THAT THE ASSESSEE SHOULD NOT SEEK ADJOURNMENT WITHOUT JUSTIFIABLE REASONS IN COU RSE OF HEARING OF THIS APPEAL, WHICH IS FIXED FOR HEARING ON 26.09.2018 AND IF THE ASSESSEE DOES SO, THE STAY GRANTED BY THIS ORDER SHALL STAND VACATED AUTOMATIC ALLY.. 4. IN THE RESULT, THE STAY PETITION FILED BY THE AS SESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON THE DATE OF H EARING ON CONCLUSION OF THE HEARING. SD/- SD/- (LALIET KUMAR) (A. K. GARODIA) JUDICIAL MEMBER ACCOUNTANT MEMBER BANGALORE, DATED: 17.09.2018. MS* COPY TO: 1. APPELLANT 4. CIT(A) 2. RESPONDENT 5. DR, ITAT, BANGALORE 3. CIT 6. GUARD FILE BY ORDER SENIOR PRIVATE SECRETARY, INCOME TAX APPELLATE TRIBUNAL, BANGALORE.