Bhaboothmal Champalal Bhandari , Bangalore V. The Deputy Commissioner of Income Tax, Circle-5(2)(1), Bangalore

SA 257/BANG/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6106 (ITAT-BANGALORE)
• Duration Of Justice: 6 month(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 01-05-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: A
• Assessment Year: 2015-2016
• Appeal Filed On: 31-10-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: NANDHINI DAS
• Assessee Lawyers: H.N. KHINCHA
• Section: 143(3); 234B; 20

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH : BANGALORE BEFORE SHRI N. V. VASUDEVAN, VICE PRESIDENT AND SHRI JASON P BOAZ , ACCOUNTANT MEMBER SP NO. 257/BANG/2018 (IN ITA NO. 2851 /BANG/201 8) ASSESSMENT YEAR : 20 1 5 - 1 6 SHRI. BHABOOTHMAL CHAMPALAL BHANDARI, NO. 14, SKR ROAD, FORT, BANGALORE 560 002. PAN : AALPB 4933 G VS. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE 5(2)(1), BANGALORE. APPELLANT RESPONDENT ASSESSEE BY : SHRI. H. N. KHINCHA, CA REVENUE BY : SHRI. NANDHINI DAS, ADDL.CIT DATE OF HEARING : 30 . 1 1 .201 8 DATE OF PRONOUNCEMENT : 30 . 1 1 .201 8 O R D E R PER JASON P BOAZ, ACCOUNTANT MEMBER THIS STAY PETITION FILED BY THE ASSESSEE IS IN RESPECT OF ITA NO. 2851/BANG/2018 FOR ASSESSMENT YEAR 2015-16 SEEKING STAY ON RECOVERY OF OUTSTANDING DEMAND OF RS.19,78,323/- FOR ASSESSMENT YEAR 2015-16. 2. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED AND CAREFULLY CONSIDERED THE MATERIAL ON RECORD. FOR THIS ASSESSMENT YEAR, THE PETITIONER HAD FILED THE RETURN OF INCOME ON 30.09.2014 DECLARING INCOME OF RS.60,83,690/-. THE CASE WAS SELECTED FOR SCRUTINY AND THE ASSESSMENT WAS COMPLETED UNDER DER 143(3) OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT) VIDE ORDER DATED 26.12.2017; WHEREIN THE PETITIONERS S.P. NO. 257/BANG/2018 (IN ITA NO.2851/BANG/2018) PAGE 2 OF 3 INCOME WAS ASSESSED AT RS.1,10,02,250/- THEREBY RAISING A DEMAND OF RS.24,72,900/- (INCLUDING INTEREST CHARGED UNDER SECTION 234B AND 234C OF THE ACT). FROM THE DETAILS ON RECORD, IT APPEARS THAT SO FAR THE PETITIONER HAS PAID AN AMOUNT OF RS.4,94,580/- AND THE BALANCE OUTSTANDING TAX DEMAND PAYABLE IS RS.19,78,323/-. AFTER HEARING BOTH PARTIES AND TAKING INTO CONSIDERATION THE FACTS AND CIRCUMSTANCES OF THE CASE, THE FINANCIAL POSITION OF THE PETITIONER AND THE BALANCE OF CONVENIENCE, WE ARE OF THE VIEW THAT THIS IS A FIT CASE FOR GRANT OF STAY ON RECOVERY OF THE OUTSTANDING DEMAND IF THE ASSESSEE PAYS 50% OF THE TOTAL DEMAND OF RS.24.12 LAKHS I.E., RS.12.50 LAKHS. SO FAR THE ASSESSEE HAS PAID AN AMOUNT OF RS. 4.94 LAKHS. WE ACCORDINGLY STAY DEMAND FOR A PERIOD OF 6 MONTHS COMMENCING TODAY OR THE DISPOSAL OF APPEAL WHICHEVER IS EARLIER SUBJECT TO THE CONDITION THAT THE PETITIONER PAYS A FURTHER AMOUNT OF RS.7.5 LAKHS ON OR BEFORE 31.12.2018. FAILURE ON THE PART OF PETITIONER TO ADHERE TO THE CONDITIONS LAID DOWN IN THIS ORDER WOULD LEAD TO AUTOMATIC WITHDRAWAL OF THE STAY GRANTED. 3. IN THE RESULT, THE PETITIONERS APPEAL FOR ASSESSMENT YEAR 2015-16 IS PARTLY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 30 TH DAY OF NOVEMBER, 2018. SD/- SD/- BANGALORE. DATED: 30 TH NOVEMBER, 2018. /NS/* ( N. V. VASUDEVAN ) ( JASON P BOAZ ) VICE PRESIDENT ACCOUNTANT MEMBER S.P. NO. 257/BANG/2018 (IN ITA NO.2851/BANG/2018) PAGE 3 OF 3 COPY TO: 1. APPELLANTS 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR, ITAT, BANGALORE.