M/s FMC India Private Limited , Bangalore V. The Deputy Commissioner of Income Tax Circle-3(1)(1), Bangalore

SA 46/BANG/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6164 (ITAT-BANGALORE)
• Duration Of Justice: 2 month(s) 18 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: 12-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: K N DHANDAPANI

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.46/BANG/2019 (IN IT (TP) A NO. 3313 / BANG/201 8 ) ASSESSMENT YEAR : 20 1 4 - 1 5 M/S. FMC INDIA PRIVATE LTD., #6, 13 TH MAIN, VASANTH NAGAR, BANGALORE 560 052. PAN: AAACF4579N VS. THE DCIT , CIRCLE 3 (1) (1), BANGALORE. APPELLANT RESPONDENT ASSESSEE BY : SHRI NAGESWAR RAO, ADVOCATE 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 DEMAND OF RS. 12,48,82,300/- I NCLUDING INTEREST OF RS. 5,67,32,445/- FOR ASSESSMENT YEAR 2014-15. 2. IN COURSE OF HEARING, IT WAS SUBMITTED BY LD. AR OF ASSESSEE THAT OUT OF DISPUTED TAX DEMAND (EXCLUDING INTEREST) OF RS. 10. 31 CRORES, THE ASSESSEE HAS ALREADY MADE PAYMENT OF RS. 3.50 CRORES AND ASS ESSEE CAN MAKE FURTHER PAYMENT OF RS. 2 CRORES BY 08.03.2019. HE SUBMITTED THAT SUBJECT TO THIS CONDITION, STAY SHOULD BE GRANTED TO THE AS SESSEE FOR THE DISPUTED OUTSTANDING DEMAND. THE LD. DR OF REVENUE STRONGLY OPPOSED GRANTING OF STAY. 3. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND WE FIND THAT OUT OF DISPUTED TAX DEMAND (EXCLUDING INTEREST) OF RS. 10.31 CRORES , THE ASSESSEE HAS ALREADY MADE PAYMENT OF RS. 3.50 CRORES AND IF THE ASSESSEE IS DIRECTED TO S.P. NO. 46/BANG/2019 (IN IT(TP)A NO. 3313/BANG/2018) PAGE 2 OF 2 MAKE FURTHER PAYMENT OF RS. 2 CRORES, THEN THE PAYM ENT BY ASSESSEE AGAINST THE DISPUTED OUTSTANDING TAX DEMAND WILL BE ABOUT 53%. UNDER THESE FACTS, WE FEEL IT PROPER TO GRANT STAY TO THE ASSESSEE SUBJECT TO THIS CONDITION OF MAKING FURTHER PAYMENT OF RS. 2 CRORES ON OR BEFORE 08.03.2019. WE ORDER ACCORDINGLY AND STAY IS GRANT ED FOR A PERIOD OF SIX MONTHS FROM THE DATE OF THIS ORDER OR TILL THE DISP OSAL OF THE APPEAL WHICHEVER IS EARLIER SUBJECT TO THIS CONDITION THAT THE ASSESSEE SHOULD MAKE FURTHER PAYMENT OF RS. 2 CRORES ON OR BEFORE 08.03. 2019. THE HEARING OF THIS APPEAL IS AT PRESENT FIXED ON 24.06.2019. IN VIEW OF GRANTING OF STAY, WE PREPONE THE DATE OF HEARING TO 13.03.2019. SINCE T HE DATE OF HEARING IS PRONOUNCED IN THE OPEN COURT, NO SEPARATE NOTICE OF HEARING IS REQUIRED TO BE ISSUED. WE WANT TO MAKE IT CLEAR THAT THE ASSES SEE SHOULD NOT SEEK ANY ADJOURNMENT IN THE COURSE OF HEARING OF THIS APPEAL WITHOUT ANY JUSTIFIABLE REASONS AND IF THE ASSESSEE DOES SO, THEN THE STAY GRANTED 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.