Hind Energy & Coal Benefication (India) Ltd., Bilaspur V. ITO (International Taxation & Transfer Pricing), Bhopal

SA 15/Ind/2019

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 0421 (ITAT-INDORE)
• Duration Of Justice: 1 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-03-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2015-2016
• Appeal Filed On: 15-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ASHIMA GUPTA
• Keywords: Transfer pricing; Application of stay

Judgement Text

HIND ENERGY AND COAL BENEFICATION (INDIA) LIMITED SA NO. 15/IND/2019 1 THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE HON'BLE KUL BHARAT, JUDICIAL MEMBER AND HON'BLE MANISH BORAD, ACCOUNTANT MEMBER S.A. NO. 15/IND/2019 ASSESSMENT YEAR 2015-16 M/S. HIND ENERGY AND COAL :: APPLICANT BENEFICATION (INDIA) LIMITED, CHATTISGARH VS. INCOME TAX OFFICER :: RESPONDENT (INTERNATIONAL TAXATION & TRANSFER PRICING), BHOPAL. PAN: AABCH5699C APPLICANT BY : SHRI NITESH DOSHI, ADV OCATE RESPONDENT BY : SMT. ASHIMA GUPTA, CIT DATE OF HEARING 05.03 .201 9 DATE OF PRONOUNCEMENT : 05.03 .201 9 O R D E R PER KUL BHARAT, J.M. THIS APPLICATION IS FILED BY THE ASSESSEE SEEKING STAY OF THE DEMAND OF RS. 7,49,63,237/- FOR THE ASSESSMENT YEAR 2015-16 INCLUDING INTEREST. 2. LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ASS ESSEE HAS ALREADY PAID RS.1,07,55,127/- OUT OF TOTAL DEMAND O F RS.7,17,00,848/- RAISED VIDE ORDER U/S 201/201(1A). THESE HIND ENERGY AND COAL BENEFICATION (INDIA) LIMITED SA NO. 15/IND/2019 2 PAYMENTS WERE MADE BY THE APPELLANT WITH LOT OF FIN ANCIAL STRESS AND DIFFICULTIES. NOW AT THIS STAGE, ON ACCOUNT OF THE COMPELLING BUSINESS REQUIREMENTS, THE APPELLANT IS NOT IN A PO SITION TO PAY ANYTHING FURTHER. IF THE APPELLANT IS COMPELLED TO PAY THE DEMAND, THE APPELLANTS BUSINESS WILL BE GRAVELY PREJUDICED . THE ASSESSEE HAD FILED AN APPEAL BEFORE THE TRIBUNAL AGAINST THE ABOVE DEMAND AND IS CONFIDENT IN SUCCEEDING IN THE APPEAL WHICH IS PENDING BEFORE THE TRIBUNAL. THEREFORE, THE ASSESSEE HAS NOW SOUGHT STAY OF DEMAND TILL THE DISPOSAL OF APPEAL BY THE TRIBUN AL. WHEN THE BENCH ASKED TO PAY SOME MORE AMOUNT, THE LD. COUNSE L FOR THE ASSESSEE SUBMITTED THAT IN SPITE OF AFORESAID FINAN CIAL CONDITIONS, THE ASSESSEE WOULD MANAGE TO DEPOSIT SMALL AMOUNT. 3. ON THE OTHER HAND, THE LD. DEPARTMENTAL REPRESENTAT IVE VEHEMENTLY OPPOSED THE REQUEST OF STAY AND FURTHER SUBMITTED THAT LOOKING TO THE HUGE DEMAND OUTSTANDING, REQUEST FOR DEPOSIT OF SMALL AMOUNT SHOULD NOT BE ACCEPTED AND SUBSTANTIAL AMOUNT IS REQUIRED TO BE DEPOSITED WITH. 4. WE HAVE CAREFULLY EXAMINED THE RECORDS AND FACTS RE ITERATED IN THE STAY APPLICATION AND ARE INCLINED TO STAY THE D EMAND FOR SIXTY DAYS FROM THE RECEIPT OF THIS ORDER OR DISPOSAL OF THE APPEAL HIND ENERGY AND COAL BENEFICATION (INDIA) LIMITED SA NO. 15/IND/2019 3 WHICHEVER EVENT OCCURS EARLIER SUBJECT TO THE FULFI LLMENT OF THE FOLLOWING CONDITIONS; (I) RS. 35 LAKHS TO BE DEPOSITED BEFORE 31.3.2019 (II) RS. 15 LAKHS TO BE DEPOSITED BEFORE 30.4.2019. 5. THE STAY GRANTED TO THE ASSESSEE WILL BE IN OPER ATION ONLY IF THE ASSESSEE FULFILLS THE ABOVE STATED CONDITIONS. THE APPEAL HAS ALREADY BEEN FIXED FOR HEARING ON 23.4.2019 AND ADJOURNMENT SHOULD NOT BE SOUGHT UNLESS FOR ANY UNAVOIDABLE CIRCUMSTANCES. 6. THE STAY APPLICATION IS DISPOSED OFF ACCORDINGLY SUBJECT TO CONDITIONS HEREINABOVE. ORDER WAS PRONOUNCED IN THE OPEN COURT ON 05.03.2 019. SD/- SD/- (MANISH BORAD) (KUL BHARAT) ACCOUNTANT MEMBER JUDICIAL MEMBER INDORE: 5 TH MARCH, 2019 /DEV COPY TO: ASSESSEE/AO/PR. CIT/ CIT (A)/ITAT (DR)/GUA RD FILE. BY ORDER ASSTT.REGISTRAR, I.T.A.T., INDORE