M/s Texport Overseas Private Limited , Bangalore V. The Deputy Commissioner of Income Tax Circle-7(1)(1), Bangalore

SA 195/BANG/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6022 (ITAT-BANGALORE)
• Duration Of Justice: 9 month(s) 15 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 01-05-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2014-2015
• Appeal Filed On: 17-07-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: PADMA MEENAKSHI JT BENGALURU

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO , ACCOUNTANT MEMBER S.P. NO. 195/BANG/2018 [ IN ITA NO. 2213 /BANG/201 8 ] ASSESSMENT YEAR : 20 14 - 15 M/S. TEXPORT OVERSEAS PVT. LTD., # 86, D-1, 2 ND STAGE, INDUSTRIAL SUBURB, YESHWANTHPUR, BENGALURU 560 022. PAN: AAACC 7385F VS. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 7(1)(1), BANGALORE. APPLICANT RESPONDENT APPLICANT BY : SHRI TATA KRISHNA , ADVOCATE RE S PONDENT BY : SMT. PADMA MEENAKSHI , JT.CIT(DR)(ITAT), BENGALURU. DATE OF HEARING : 2 7 . 0 7 .201 8 DATE OF PRONOUNCEMENT : 27 . 0 7 .201 8 O R D E R PER N.V. VASUDEVAN, JUDICIAL MEMBER THIS IS AN APPLICATION FILED BY THE ASSESSEE PRA YING FOR AN ORDER OF STAY OF RECOVERY OF OUTSTANDING DEMAND OF A SUM OF RS.2,57,69,480. 2. IT WAS SUBMITTED BY THE LD. COUNSEL FOR THE ASSE SSEE THAT THAT THE OUTSTANDING DEMAND HAS ARISEN OWING TO DETERMINATIO N OF ALP IN RESPECT OF SPECIFIED DOMESTIC TRANSACTION U/S. 92BA OF THE INC OME-TAX ACT, 1961 [THE ACT]. 3. IT IS THE SUBMISSION OF THE LD. COUNSEL FOR THE ASSESSEE IN THE APPLICATION FOR GRANT OF STAY THAT ON AN IDENTICAL ISSUE IN ASSESSEES OWN S.P. NO. 195/BANG/2018 PAGE 2 OF 3 CASE FOR AY 2013-14, THE ITAT BANGALORE IN IT(TP)A NO.1722/BANG/2017 BY AN ORDER DATED 22.12.2017 WAS PLEASED TO DELETE IDENTICAL ADDITION MADE BY THE REVENUE AUTHORITIES. 4. WE HAVE HEARD THE LD. COUNSEL FOR THE ASSESSEE AND THE LD. DR. IT APPEARS THAT THERE IS NO IMMINENT THREAT OF RECOVER Y OF OUTSTANDING DEMAND THROUGH COERCIVE MEANS. IN THESE CIRCUMSTANCES, WE ARE OF THE VIEW THAT THIS STAY PETITION DESERVES TO BE DISMISSED. WE AR E, HOWEVER, OF THE VIEW THAT SINCE THE ISSUE IS DIRECTLY COVERED BY ASSESSE ES OWN CASE IN EARLIER ASSESSMENT YEAR, THE APPEAL SHOULD BE LISTED OUT OF TURN FOR HEARING. ACCORDINGLY, THE REGISTRY IS DIRECTED TO FIX THE AP PEAL OUT OF TURN FOR HEARING ON 16.08.2018. NO NOTICE WILL BE ISSUED TO THE PAR TIES AS THE DATE OF HEARING WAS ANNOUNCED IN THE OPEN COURT. 5. WE ALSO MAKE IT CLEAR THAT IN THE EVENT OF ANY C OERCIVE STEPS BEING TAKEN AGAINST THE ASSESSEE, THE ASSESSEE IS AT LIBE RTY TO SEEK REMEDY OF STAY OF SUCH RECOVERY IN ACCORDANCE WITH THE LAW. 6. IN THE RESULT, THE STAY PETITION IS DISMISSED. PRONOUNCED IN THE OPEN COURT ON THIS 27 TH DAY OF JULY, 2018. SD/- SD/- ( INTURI RAMA RAO ) ( N.V. VASUDEVAN ) ACCOUNTANT MEMBER JUDICIAL MEMBER BANGALORE, DATED, THE 27 TH JULY, 2018. / D ESAI S MURTHY / S.P. NO. 195/BANG/2018 PAGE 3 OF 3 COPY TO: 1. APPLICANT 2. RESPONDENT 3. CIT 4. CIT(A ) 5. DR, ITAT, BANGALORE. 6. GUARD FILE BY ORDER SENIOR PRIVATE SECRETARY ITAT, BANGALORE.