M/s. Makino India Private Limited, Bangalore V. Assistant Commissioner of Income Tax, Circle-4(1)(2), Bangalore

SA 146/BANG/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 5940 (ITAT-BANGALORE)
• Duration Of Justice: 1 year(s) 15 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 01-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2007-2008
• Appeal Filed On: 16-04-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: B R RAMESH J
• Assessee Lawyers: T SURYANARAYANA
• Keywords: Application of stay

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, BANGALORE BEFORE SHRI SUNIL KUMAR YADAV JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER SP NO.146/BANG/2018 (IN IT(TP)A NO. 3 /BANG/201 2 ) (ASSESSMENT YEAR: 20 07 - 08 ) M/S. MAKINO INDIA PVT. LTD. NO.11, EPIP, K.R. PURAM, BENGALURU. P AN: AACC M6536A VS. PETITIONER ASST.T COMMISSIONER OF INCOME - TAX, CIRCLE - 4 (1) (2) , BENGALURU. ... RESPONDENT PETITIONER BY : S HRI T.SURYANARAYANA , ADVOCATE. REVENUE BY : SHRI B.R.RAMESH, JCIT(DR). O R D E R PER I NTURI RAMA RAO, AM : THIS PETITION IS FILED BY THE ASSESSEE - COMPANY SEEKING STAY OF DEMAND OF RS.1,42,38,257/ - FOR THE ASSESSMENT YEAR 2007 - 08. IT IS SUBMITTED THAT THE DEMAND IN QUESTION HAD ARISEN ON ACCOUNT OF ARM S LENGTH PRICE ADJUSTMENT MADE U/S 92CA OF THE INCOME - TAX ACT, 1961 [HEREINAFTER RE FERRED TO AS 'THE ACT' FOR SHORT]. IT IS SUBMITTED THAT THE APPEAL WAS HEARD ON 29/01/2018 AND THE ORDERS ARE AWAITED. IT IS FURTHER SUBMITTED THAT THE ASSESSEE HAD ALREADY PAID 50% OF THE DEMAND OUT OF THE ORIGINAL DEMAND RAISED , T HE ASSESSING OFFICER, WITHOUT ISSUING PRIOR NOTICE, INITIATED GARNISHEE PROCEEDINGS FOR RECOVERY OF THE DEMAND. IN THE ABOVE CIRCUMSTANCES, IT IS PRAYED THAT THE DEMAND MAY BE STAYED. DATE OF HEARING : 18 / 0 4 /201 8 DATE OF PRONOUNCEMENT : 18 /0 4 /201 8 SP NO. 146 /BANG/201 8 PAGE 2 OF 2 2. WE HEARD RIVAL SUBMISSIONS AND PERUSED THE MATERIAL ON RECORD. SINCE THE APPEAL WAS ALRE ADY HEARD BY THIS BENCH AND 50% OF THE DEMAND ALREADY BEEN PAID, WE ARE OF THE CONSIDERED OPINION THAT IT IS A FIT CASE TO STAY THE BALANCE DEMAND TILL DISPOSAL OF THE APPEAL. 3. IN THE RESULT, THE STAY PETITION IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 18 TH APRIL , 201 8 SD/ - SD/ - ( SUNIL KUMAR YADAF ) (I NTURI RAMA RAO ) JUDICIAL MEMBER ACCOUNTANT MEMBER PLACE : BANGALORE D A T E D : 18 /0 4 /201 8 SRINIVASULU, SPS COPY TO : 1 APPELLANT 2 RESPONDENT 3 CIT(A) - II BANGALORE 4 CIT 5 DR, ITAT, BANGALORE. 6 GUARD FILE BY ORDER SENIOR PRIVATE SECRETARY INCOME - TAX APPELLATE TRIBUNAL BANGALORE