M/s Shri Biluru Gurubasava Sahakari PAttina Sangha Niyamitha , Bagalkot V. Income TAx Officer Ward-1 , Bagalkot

SA 41/BANG/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6181 (ITAT-BANGALORE)
• Duration Of Justice: 2 month(s) 26 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: 2011-2012
• Appeal Filed On: 05-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: K N DHANDA
• Assessee Lawyers: S RAMASUBRAMANYAM
• Section: 234B

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH : BANGALORE BEFORE SHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER A ND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER S.P. NO.41/BANG/2019 (IN ITA NO. 1385 / BANG/201 8 ) ASSESSMENT YEAR : 20 1 1 - 1 2 M/S. SHRI BILURU GURUBASAVASAHAKARI PATTIN SANGH NIYAMIT, 112/5, NARA BUILDING, ADAT BAZAAR, BAGALKOT. PAN: AABAS7016A VS. THE INCOME TAX OFFICER, WARD 1, BAGALKOT. APPELLANT RESPONDENT ASSESSEE BY : SHRI S. RAMASUBRAMANYAM, CA REVENUE BY : SHRI K.N. DHANDAPANI, JCIT (DR) DATE OF HEARING : 15 . 0 2 .201 9 DATE OF PRONOUNCEMENT : 15 . 0 2 .201 9 O R D E R PER SHRI A.K. GARODIA, ACCOUNTANT MEMBER; THIS STAY PETITION IS FILED BY THE ASSESSEE REQUEST ING FOR STAY OF OUTSTANDING DISPUTED TAX DEMAND OF RS. 56,33,416/-. 2. IN COURSE OF HEARING OF THIS STAY PETITION, IT W AS SUBMITTED BY LD. AR OF ASSESSEE THAT AS PER THE ORDER GIVING EFFECT TO THE ORDER OF CIT(A) DATED 21.03.2018 PASSED BY THE AO ON 29.05.2018 OF WHICH HE SUBMITTED A COPY, THE DISPUTED OUTSTANDING DEMAND OF RS. 56,33,416/- INCLUDES TAX DEMAND OF RS. 27,68,401/- ONLY AND THE REMAINING AMOUNT IS OU TSTANDING ON ACCOUNT OF INTEREST U/S. 234B OF RS. 9,13,570/- AND INTEREST U /S. 220(2) OF RS. 19,51,445/-. HE SUBMITTED THAT ASSESSEE IS READY T O MAKE PAYMENT OF RS. 15 LAKHS BY 28.02.2019 AND HENCE, STAY SHOULD BE GR ANTED FOR THE BALANCE DISPUTED OUTSTANDING DEMAND. HE ALSO SUBMITTED THA T APPEAL IS ALREADY S.P. NO. 41/BANG/2019 (IN ITA NO. 1385/BANG/2018) PAGE 2 OF 2 FIXED FOR HEARING ON 28.03.2019. THE LD. DR OF REV ENUE STRONGLY OPPOSED GRANTING OF STAY. 3. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. WE FIN D THAT IF THE ASSESSEE MAKES PAYMENT OF RS. 15 LACS, IT WILL AMOUNT TO ABO UT 54% OF OUTSTANDING DISPUTED TAX DEMAND EXCLUDING INTEREST OF RS. 27,68 ,401/-. IN VIEW OF THIS, WE FEEL IT PROPER TO GRANT STAY OF THE OUTSTANDING DISPUTED DEMAND FOR A PERIOD OF SIX MONTHS FROM THE DATE OF THIS ORDER OR TILL THE DISPOSAL OF THE APPEAL WHICHEVER IS EARLIER SUBJECT TO THIS CONDITI ON THAT THE ASSESSEE HAS TO MAKE PAYMENT OF RS. 15 LAKHS ON OR BEFORE 28.02.201 9. WE ORDER ACCORDINGLY. IT IS ALSO NOTED THAT THE APPEAL IS AL READY FIXED FOR HEARING ON 28.03.2019. WE WANT TO MAKE IT CLEAR THAT ASSESSEE SHOULD NOT SEEK ANY ADJOURNMENT IN COURSE OF HEARING OF THE APPEAL WITH OUT ANY JUSTIFIABLE REASONS AND IF ASSESSEE DOES SO THEN THE STAY GRANT ED BY THIS ORDER SHALL STAND 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 H EARING ON CONCLUSION OF THE HEARING. SD/- SD/- (PAVAN KUMAR GADALE) (ARUN KUMAR GARODIA) JUDICIAL MEMBER ACCOUNTANT MEMBER BANGALORE, DATED, THE 15 TH FEBRUARY, 2019. /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, BANGAL ORE.