M/s The Grain Merchants Co-op Bank Limited , Bangalore V. The Assistant Commissioner of Income Tax Circle-5(2)(1), Bangalore

SA 57/BANG/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6197 (ITAT-BANGALORE)
• Duration Of Justice: 2 month(s) 16 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 01-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2014-2015
• Appeal Filed On: 14-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: KABILA H
• Assessee Lawyers: BHARATH RAO K S
• Section: 234B

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH : BANGALORE BEFORE SHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER AND SHRI LALIET KUMAR,JUDICIAL MEMBER S.P. NO.57/BANG/2019 (IN ITA NO. 3121 / BANG/201 8 ) ASSESSMENT YEAR : 20 1 4 - 1 5 M/S. THE GRAIN MERCHANTS CO-OP BANK LTD., #02, PAMPA MAHAKAVI ROAD, CHAMRAJPET, BANGALORE 560 018. PAN: AAAAT4670J VS. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 5 (2) (1), BANGALORE. APPELLANT RESPONDENT ASSESSEE BY : SHRI BHARATH RAO K S, CA REVENUE BY : SMT. KABILA H, JCIT (DR) DATE OF HEARING : 2 5 . 0 3 .201 9 DATE OF PRONOUNCEMENT : 25 . 0 3 .201 9 O R D E R PER SHRI A.K. GARODIA, ACCOUNTANT MEMBER; THIS STAY PETITION IS FILED BY THE ASSESSEE SEEKING STAY OF THE DISPUTED OUTSTANDING DEMAND OF RS. 7,96,200/- FOR ASSESSMENT YEAR 2014-15. 2. IN COURSE OF HEARING OF THE STAY PETITION, IT WAS SUBMITTED BY LD. AR OF ASSESSEE THAT THIS DEMAND OF RS. 7,96,200/- IS AS PER THE ASSESSMENT ORDER AND THIS DEMAND INCLUDES INTEREST OF RS. 3,76,256/-. HE ALSO SUBMITTED THAT SUBSEQUENTLY, THE ASSESSEE HAS ALSO MADE PAYMENT OF RS. 1,19,430/- ON 10.02.2017 AND COPY OF THE CHALLAN IS ENCLOSED WITH THE STAY PETITION MEMO. HE SUBMITTED THAT AFTER CONSIDERING THIS PAYMENT, THE DISPUTED OUTSTANDING DEMAND IS ONLY RS. 6,76,770/- INCLUDING INTEREST OF RS. 3,76,256/-. HE SUBMITTED THAT THE ASSESSEE CAN MAKE FURTHER PAYMENT OF RS. 1 LAKH AND SUBJECT TO THIS CONDITION, STAY SHOULD BE GRANTED TO THE ASSESSEE. THE LD. DR OF REVENUE STRONGLY OPPOSED GRANTING OF STAY. 3. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. WE FIND THAT AS PER THE ORDER DATED 08.02.2019 PASSED BY THE AO FOR REJECTING THE APPLICATION OF THE ASSESSEE FOR GRANTING STAY, THE OUTSTANDING DEMAND IS RS. 6,76,770/- S.P. NO. 57/BANG/2019 (IN ITA NO. 3121/BANG/2018) PAGE 2 OF 2 INCLUDING INTEREST U/S. 234B AND 234C AND EXCLUDING INTEREST U/S. 220(2) OF IT ACT. OUT OF THE TOTAL DISPUTED DEMAND OF RS. 7,96,195/- INCLUDING INTEREST U/S. 234B AND 234C OF RS. 3,76,256/-, THE ASSESSEE HAS ALREADY MADE PAYMENT OF RS. 1,19,430/- ON 10.02.2017 AND IF ASSESSEE MAKES FURTHER PAYMENT OF RS. 1 LAKH, TOTAL PAYMENT BY THE ASSESSEE WILL BE ABOUT 52% OF THE DISPUTED OUTSTANDING DEMAND OF RS. 4,19,944/- EXCLUDING INTEREST. HENCE WE FEEL IT PROPER TO GRANT STAY IN THE PRESENT CASE SUBJECT TO THIS CONDITION THAT PAYMENT OF RS. 1 LAKH SHOULD BE MADE BY THE ASSESSEE ON OR BEFORE 29.03.2019. WE ORDER ACCORDINGLY AND SUBJECT TO THIS CONDITION, GRANT STAY TO THE ASSESSEE FOR A PERIOD OF THREE MONTHS FROM THE DATE OF THIS ORDER OR TILL THE DISPOSAL OF THE APPEAL WHICHEVER IS EARLIER. THE HEARING OF THIS APPEAL IS FIXED ON 11.06.2019. IN VIEW OF GRANTING OF STAY, WE PREPONE THE HEARING TO 08.04.2019. SINCE THE 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 ASSESSEE SHOULD NOT SEEK ANY ADJOURNMENT IN THE COURSE OF HEARING OF THE APPEAL WITHOUT 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 ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON THE DATE OF HEARING ON CONCLUSION OF THE HEARING. SD/- SD/- (LALIET KUMAR) (ARUN KUMAR GARODIA) JUDICIAL MEMBER ACCOUNTANT MEMBER BANGALORE, DATED, THE 25 TH MARCH, 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, BANGALORE.