M/s. Ocwen Financial Solutions Pvt Ltd, Bengaluru V. Joint Commissioner of Income Tax, special Range-5, Bengaluru

SA 277/BANG/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6104 (ITAT-BANGALORE)
• Duration Of Justice: 4 month(s) 21 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 01-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2014-2015
• Appeal Filed On: 11-12-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: K R VASUDEVAN

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH C BEFORE SHRI A.K. GARODIA, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER S.P. NO. & ITA NO. PETITIONER RESPONDENT 277/BANG/2018 (IN ITA NO.3068/BANG/2018) (A.Y. 2014 15) M/S. OCWEN FINANCIAL SOLUTIONS PVT. LTD., PRITECH PARK, BLOCK 12, UNIT 2, 5B & 6A, FLOORS, BELLANDUR VILLAGE, SARJAPUR MARATHAHALLI RING ROAD, BANGALORE 560103. PAN : A A A C O3764E THE JCIT, SPL. RANGE - 5, BANGALORE. ASSESSEE BY : SHRI K. R. VASUDEVAN , ADVOCATE REVENUE BY : SHRI M. RAJASEKHAR , ADDL. CIT ( DR ) DATE OF HEARING :28.12.2018. DATE OF PRONOUNCEMENT :28.12.2018. O R DE R PER SHRI A. K. GARODIA, A.M. : THE ASSESSEE HAS FILED THIS STAY PETITION SEEKING S TAY OF DISPUTED OUTSTANDING DEMAND OF RS. 4,35,02,007/- FOR A. Y. 2014 15. 2. IN COURSE OF HEARING OF THIS STAY PETITION, IT W AS SUBMITTED BY THE LEARNED AR OF THE ASSESSEE THAT OUT OF TOTAL DEMAND OF RS. 7,33,6 4,050/- INCLUDING TAX RS. 4,76,38,990/- AND INTEREST RS. 2,57,25,060/-, THE A SSESSEE HAS ALREADY PAID AN AMOUNT OF RS. 2,98,62,043/- BY WAY OF ADJUSTMENT OF REFUND. HE SUBMITTED THAT SUCH PAYMENT IS EQUAL TO 40.70% OF TOTAL DISPUTED DEMAND INCLUDING INTEREST. IN REPLY TO A QUERY FROM THE BENCH ABOUT THE AMOUNT WHICH CAN BE PAID BY THE ASSESSEE, HE ALSO SUBMITTED THAT THE ASSESSEE CAN MAKE PAYMENT OF RS. 1 CRORE IN TWO INSTALLMENTS, FIRST PAYABLE ON OR BEFORE 15.01.2019 AND SECOND IN STALLMENT PAYABLE ON OR BEFORE 15.02.2019. HE ALSO SUBMITTED THAT THE HEARING AT P RESENT IS FIXED ON 06.06.2019 BUT IT CAN BE PREPONED. LEARNED DR OF THE REVENUE OBJEC TED TO GRANTING OF STAY. 2 S.P. NO.277/BANG/2018 (IN ITA NO. 3068/BANG/2018) 3. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND IN VIEW OF THE FACTS DISCUSSED ABOVE, WE FEEL IT PROPER TO GRANT STAY OF THE DISPU TED OUTSTANDING DEMAND FOR 6 MONTHS OR TILL THE DISPOSAL OF THIS APPEAL WHICHEVE R IS EARLIER SUBJECT TO PAYMENT OF TAX BY THE ASSESSEE OF RS. ONE CRORE IN TWO INSTALL MENTS. THE FIRST INSTALLMENT OF RS. 50 LACS SHOULD BE PAID ON OR BEFORE 15.01.2019 AND SECOND INSTALLMENT OF RS. 50 LACS SHOULD BE PAID ON OR BEFORE 15.02.2019. HEARIN G OF THIS APPEAL IS PREPONED TO 18.02.2019 AND SINCE, THE DATE OF HEARING WAS PRONO UNCED IN OPEN COURT, NO NOTICE OF HEARING IS REQUIRED TO BE ISSUED. WE ALSO MAKE I N CLEAR THAT THE ASSESSEE SHOULD NOT SEEK ADJOURNMENT IN COURSE OF HEARING OF THIS A PPEAL WITHOUT JUSTIFIABLE REASONS AND IF THE ASSESSEE DOES SO, THEN THE STAY GRANTED AS PER THIS ORDER SHALL GET VACATED AUTOMATICALLY. 4. IN THE RESULT, THE STAY PETITION FILED BY THE AS SESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON THE DATE OF HEARING ON CONCLUSION OF THE HEARING. SD/- SD/- (PAVAN KUMAR GADALE) (A. K. GARODIA) JUDICIAL MEMBER ACCOUNTANT MEMBER BANGALORE, DATED: 28.12.2018. MS* COPY TO: 1. APPELLANT 4. CIT(A) 2. RESPONDENT 5. DR, ITAT, BANGALORE 3. CIT 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, BANGALORE.