M/s S V Concrete Products Private Limited , Bangalore V. Assistant Commissioner of Income Tax Central Circle-1(1), Bangalore

SA 39/BANG/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6225 (ITAT-BANGALORE)
• Duration Of Justice: 2 month(s) 27 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 01-05-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: C
• Assessment Year: 2015-2016
• Appeal Filed On: 04-02-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Keywords: Application of stay

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH : BANGALORE BEFORE SHRI B.R BASKARAN, ACCOUNTANT MEMBER AND SHRI P.K GADALE JUDICIAL MEMBER S.P NOS.39 & 40/BANG/2019 [IN ITA NOS.100 & 101/BANG/2019] ASSESSMENT YEARS : 2015-16 & 2016-17 S.V CONCRETE PRODUCTS PVT. LTD., NO.72 & 78/1, KOPPA VILLAGE, JIGANI HOBLI, OFF BANNERGHATTA ROAD, BENGALURU-560 015. PAN AALCS 3618 L VS. THE ASST. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1(), BENGALURU. APPLCANT RESPONDENT APPELLANT BY : SHRI PRASHANTH G.S, C.A RESPONDENT BY : DR. PV PRADEEP KUMAR, ADDL. CIT (DR) DATE OF HEARING : 01.03.2019 DATE OF PRONOUNCEMENT : 01.03.2019 O R D E R PER B.R BASKARAN, ACCOUNTANT MEMBER THE ASSESSEE HAS MOVED THIS STAY APPLICATION SEEKI NG STAY OF OUTSTANDING DEMAND RAISED IN HIS HANDS FOR ASST. YE AR 2015-16 AND 2016- 17. 2. THE LD COUNSEL APPEARING FOR THE ASSESSEE SUBMIT TED THAT THE LD CIT(A) HAS PASSED THE ORDER IN BOTH THE YEARS WITHO UT AFFORDING A ADEQUATE OPPORTUNITY TO THE ASSESSEE. THE LD AR FURTHER SUB MITTED THAT THE ASSESSEE HAS ALREADY PAID MORE THAN 50% OF THE TAX DETERMINE D IN THE ASST. ORDER. THE LD AR SUBMITTED THAT THE ASSESSEE HAS GOT REASO NABLE CHANCE OF GETTING RELIEF FROM THE TRIBUNAL. ACCORDINGLY, HE PRAYED THAT THE OUTSTANDING S.P NOS.39 &40/BANG/2019 PAGE 2 OF 3 DEMAND BE STAYED AND EARLY HEARING BE GRANTED. THE LD D.R, ON THE CONTRARY, OPPOSED THE STAY PETITIONS BY SUBMITTING THAT THE ASSESSEE HAS NOT PROVED THE FINANCIAL DIFFICULTIES. 3. WE HEARD THE PARTIES AND PERUSED THE RECORD. HA VING REGARD TO THE FACTS AVAILABLE ON RECORD AND CONTENTIONS OF THE A SSESSEE, WE ARE OF THE VIEW THAT BALANCE OF CONVENIENCE IS IN FAVOUR OF G RANTING EARLY HEARING TO THE ASSESSEE, AS THE ASSESSEE HAS NOT PROVED FINA NCIAL DIFFICULTIES AND ALSO NOT SHOWN ANY PRIME FACIE CASE IN ITS FAVOUR. ACCORDINGLY, WE REJECT THE STAY APPLICATIONS FILED BY THE ASSESSEE FOR BOT H THE YEARS UNDER CONSIDERATION. 4. HOWEVER, ON CONSIDERATION OF SUBMISSIONS OF THE LD A.R, WE ARE OF THE VIEW THAT THESE APPEALS MAY BE TAKEN UP FOR HEARING ON OUT OF TURN BASIS. ACCORDINGLY, WE DIRECT THE REGISTRY TO POST BOTH TH E APPEALS FOR FINAL HEARING ON 14/3/2019. WE ALSO MAKE IT CLEAR THAT T HE ASSESSEE SHOULD NOT SEEK ADJOURNMENT ON THAT DATE WITHOUT ANY REASONABL E CAUSE, FAILING WHICH THE PRESENT STAY TERMS SHALL BE SUBJECTED TO THE R EVIEW OF THE BENCH HEARING THE APPEALS. WE ORDER ACCORDINGLY. 5. SINCE THE DATE OF HEARING IS ANNOUNCED IN THE OPEN COURT IN THE PRESENCE OF BOTH THE PARTIES, THE REGISTRY MAY DESI ST FROM ISSUING NOTICE OF HEARING TO THE PARTIES FOR BOTH THE YEARS. S.P NOS.39 &40/BANG/2019 PAGE 3 OF 3 6. IN THE RESULT, STAY PETITIONS FOR BOTH THE A SST. YEARS ARE PARTLY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 1 ST MARCH , 2019 . SD/- SD/- ( P.K GADALE) JUDICIAL MEMBER (B.R BASKARAN) ACCOUNTANT MEMBER BANGALORE, DATED, 1 ST MARCH, 2019. / VMS / COPY TO: 1. THE APPLICANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT(A) 5. THE DR, ITAT, BANGALORE. 6. GUARD FILE BY ORDER A SST. REGISTRAR, ITAT, BANGALORE.