Indira Trading Corporation, Ranchi V. DCIT,Circle-1, Ranchi

SA 38/RAN/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 9721 (ITAT-RANCHI)
• Duration Of Justice: 17 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 05-04-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2010-2011
• Appeal Filed On: 18-03-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A K MOHANTY
• Assessee Lawyers: AJAY PODDAR
• Keywords: Application of stay

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RANCHI E COURT AT KOLKATA [BEFORE SHRI P.M. JAGTAP, VICE PRESIDENT & SHRI S.S. VISWANETHRA RAVI, JM] S.P. NO. 38/RAN/2019 (ARISING OUT OF ITA NO. 128/RAN/2019) ASSESSMENT YEAR: 2010-11 INDIRA TRADING CORPORATION...................................APPELLANT C/O. SRI JAGMOHAN PODDAR, ADV. SHRADHANAND ROAD, UPPER BAZAR, RANCHI 834 001. [PAN : AADFI 0834 P] DCIT, CIRCLE 1 RANCHI......................................RESPONDENT RANCHI. APPEARANCES BY: SHRI AJAY PODDAR, ADVOCATE APPEARING ON BEHALF OF THE ASSESSEE. SHRI A.K. MOHANTY, JCIT, SR. DR APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : MARCH 29, 2019 DATE OF PRONOUNCING THE ORDER : MARCH 29, 2019 O R D E R PER P.M. JAGTAP, VICE PRESIDENT BY THIS STAY PETITION, THE ASSESSEE IS SEEKING STAY OF OUTSTANDING DEMAND OF RS. 10,68,980/- FOR A.Y. 2010-11. 2. WE HAVE HEARD THE ARGUMENTS OF BOTH THE SIDES AND ALSO PERUSED THE RELEVANT MATERIAL AVAILABLE ON RECORD. AS SUBMITTED BY THE LEARNED COUNSEL FOR THE ASSESSEE, ORIGINAL DEMAND OF RS. 13,37,570/- WAS RAISED AGAINST THE ASSESSEE WHICH COMPRISED OF INTEREST OF RS. 8,59,856/- CHARGED U/S 234A, 234B, 234C AND INCOME TAX OF RS. 4,77,714/-. AGAINST THE OUTSTANDING DEMAND AS ORIGINALLY RAISED, THE ASSESSEE HAS ALREADY PAID A SUM OF RS. 2,67,600/- WHICH IS MORE THAN 50% OF THE OUTSTANDING DEMAND ON ACCOUNT OF INCOME TAX AS ORIGINALLY RAISED. KEEPING IN VIEW THIS VITAL FACT AS WELL AS 2 S.A. NO. 38/RAN/2019 (A.Y. 2010-11) INDIRA TRADING CORPN. OTHER FACTS OF THE CASE, WE ARE OF THE VIEW THAT THE BALANCE OF CONVENIENCE CLEARLY LIES IN FAVOUR OF THE ASSESSEE AND IT IS A FIT CASE TO GRANT THE STAY OF OUTSTANDING DEMAND. WE ACCORDINGLY DIRECT THAT THE SAID OUTSTANDING DEMAND BE KEPT IN ABEYANCE FOR A PERIOD OF 6 MONTHS OR TILL THE DISPOSAL OF THE CORRESPONDING APPEAL OF THE ASSESSEE BY THE TRIBUNAL WHICHEVER IS EARLIER. THE REGISTRY IS DIRECTED TO FIX THE SAID APPEAL BEING ITA NO. 128/RAN/2019 FOR HEARING OUT OF TURN BEFORE THE NEXT TOURING BENCH / E- COURT. 3. IN THE RESULT, THE STAY APPLICATION OF THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 29 TH MARCH, 2019 SD/- SD/- (S.S.VISWANETHRA RAVI) (P.M. JAGTAP) JUDICIAL MEMBER VICE PRESIDENT DATED: 29/03/2019 BISWAJIT, SR. PS COPY OF ORDER FORWARDED TO: 1. INDIRA TRADING CORPN. SHRADHANAND ROAD, UPPER BAZAR, RANCHI. 2. DCIT, CIRCLE 1, RANCHI. 3. THE CIT(A) 4. THE CIT 5. DR TRUE COPY, BY ORDER, ASSISTANT REGISTRAR ITAT, RANCHI BENCHES