M/s Tumkur DCC Bank Limited , Tumkur V. Assistant Commissioner of Income Tax Circle-1 , Tumkur

SA 2/BANG/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6209 (ITAT-BANGALORE)
• Duration Of Justice: 4 month(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: 2014-2015
• Appeal Filed On: 01-01-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: VIKAS K SURYAWANSHI
• Assessee Lawyers: S RAMASUBRAMANIAN
• Section: 2

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH : BANGALORE BEFORE SHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER A ND SHRI LALIET KUMAR, JUDICIAL MEMBER S.P. NOS. 1 TO 3/BANG/2019 (IN ITA NO S . 2 TO 4/ BANG/201 9) ASSESSMENT YEAR S : 20 13 - 14, 2014 - 15 & 2015 - 16 M/S. TUMKUR DCC BANK LTD., NO. 44, HEAD OFFICE, CHURCH CIRCLE, NEAR POLICE STATION, TUMKUR 572 101. PAN: AAAAD2860J VS. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1, TUMKUR. APPELLANT RESPONDENT ASSESSEE BY : SHRI S. RAMASUBRAMANIAN, CA REVENUE BY : SHRI VIKAS K. SURYAWANSHI, ADDL. CIT (DR) DATE OF HEARING : 11 . 01 .201 9 DATE OF PRONOUNCEMENT : 11 . 01 .201 9 O R D E R PER SHRI A.K. GARODIA, ACCOUNTANT MEMBER; THESE STAY PETITIONS ARE FILED BY THE ASSESSEE SEEK ING STAY OF DISPUTED OUTSTANDING DEMAND OF RS. 13,75,280/- IN ASSESSMENT YEAR 2013-14, RS. 10,90,950/- IN ASSESSMENT YEAR 2014-15 AND RS. 3,58,91,224/- IN ASSESSMENT YEAR 2015-16 TOTAL RS. 3,83,57,455/-. 2. IN THE COURSE OF HEARING BEFORE US, LD. AR OF AS SESSEE SUBMITTED A STATEMENT SHOWING THE ASSESSED INCOME AND DEMAND PO SITION IN RESPECT OF THESE THREE YEARS AND HE POINTED OUT THAT TOTAL DIS PUTED DEMAND FOR THESE THREE YEARS IS RS. 6,93,01,108/- OUT OF WHICH, THE ASSESSEE HAS MADE PAYMENT OF RS. 3,09,43,653/- LEAVING BALANCE OUTSTA NDING DISPUTED DEMAND OF RS. 3,83,57,455/-. HE SUBMITTED THAT THE ASSESS EE IS READY TO MAKE FURTHER PAYMENT OF RS. 50 LAKHS AND AFTER THAT, THE TOTAL PAYMENT BY THE ASSESSEE AGAINST THE DISPUTED OUTSTANDING TAX DEMAN D WILL BE SLIGHTLY MORE THAN 50% OF TOTAL DISPUTED OUTSTANDING TAX DEMAND. HE SUBMITTED THAT SUBJECT TO THIS CONDITION FOR FURTHER PAYMENT OF RS . 50 LAKHS, STAY SHOULD BE GRANTED IN THE PRESENT CASE. THE LD. DR OF REVENUE STRONGLY OPPOSED GRANTING OF STAY. S.P. NOS. 1 TO 3/BANG/2019 (IN ITA NOS. 2 TO 4/BANG/2019) PAGE 2 OF 2 3. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND IN THE FACTS OF PRESENT CASE, WE ARE OF THE CONSIDERED OPINION THAT STAY SHOULD B E GRANTED IN THE PRESENT CASE SUBJECT TO PAYMENT OF RS. 50 LAKHS ON OR BEFOR E 31.01.2019. WE ORDER ACCORDINGLY. WE GRANT STAY TO THE ASSESSEE S UBJECT TO THIS CONDITION OF PAYMENT OF RS. 50 LAKHS ON OR BEFORE 31.01.2019 AND THIS STAY IS GRANTED FOR A PERIOD OF SIX MONTHS OR TILL THE DISPOSAL OF THESE APPEALS WHICHEVER IS EARLIER. THE HEARING OF THESE APPEALS IS FIXED ON 05.02.2019 AND SINCE THE DATE OF HEARING IS PRONOUNCED IN THE OPEN COURT, NO SEPARATE NOTICES OF HEARING IS REQUIRED TO BE ISSUED. WE WANT TO MAKE IT CLEAR THAT IN THE COURSE OF HEARING OF THESE APPEALS, THE ASSESSEE SHOULD NO T SEEK ANY ADJOURNMENT WITHOUT JUSTIFIABLE REASONS AND IF THE ASSESSEE DOE S SO, THEN THE STAY GRANTED BY THIS ORDER SHALL STAND VACATED AUTOMATIC ALLY. 4. IN THE RESULT, ALL THE THREE STAY PETITIONS FILE D BY THE ASSESSEE ARE ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON THE DATE OF H EARING ON CONCLUSION OF THE HEARING. SD/- SD/- (LALIET KUMAR) (ARUN KUMAR GARODIA) JUDICIAL MEMBER ACCOUNTANT MEMBER BANGALORE, DATED, THE 11 TH JANUARY, 2019. /MS/ COPY TO: 1. APP ELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR, ITAT, BANGALORE. 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, BANGALORE.