M/s lokkur Investment Advisors Private Limited , Bangalore V. Income Tax Officer Ward-4(1)(1), Bangalore

SA 58/BANG/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6208 (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: Dismissed
• Bench Allotted: A
• Assessment Year: 2014-2015
• Appeal Filed On: 14-02-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: T CHANDRASEKHAR
• Assessee Lawyers: GANESH P B
• Section: 271(1)(c)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH : BANGALORE BEFORE SHRI JASON P BOAZ, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR G ADALE, JUDICIAL MEMBER S.P. NO.58/BANG/2019 (IN IT A NO . 81 /BANG/201 9 ) ASSESSMENT YEAR : 201 4 - 1 5 M/S. LOKKUR INVESTMENT ADVISORS PVT. LTD., NO.301, 3 RD FLOOR, BRIGADE GARDENS,CHURCH STREET, BANGALORE 560 001. PAN : AACCL 5301 J VS. THE INCOME TAX OFFICER, WARD - 4(1)(1), BANGALORE. APPELLANT RESPONDENT ASSESSEE BY : SHRI. GANESH P.B, CA REVENUE BY : SHRI. T. CHANDRASEKHAR, ADDL. CIT DATE OF HEARING : 01 . 0 3 .201 9 DATE OF PRONOUNCEMENT : 01 . 0 3 .201 9 O R D E R PER JASON P BOAZ, ACCOUNTANT MEMBER THIS STAY PETITION (SP) IS FILED BY THE ASSESSEE IN RESPECT OF ITS APPEAL IN ITA NO.81/BANG/2018 SEEKING STAY ON RECOVERY OF OUTSTANDING DEMAND FOR ASSESSMENT YEAR 2014-15. 2. IN THIS SP, THE ASSESSEE HAS SOUGHT STAY ON RECOVERY OF OUTSTANDING DEMAND OF RS.27,54,660/- ASIDE AS PER ORDER LEVYING PENALTY UNDER SECTION 271(1)(C) OF THE INCOME TAX ACT, 1961 DATED 06.06.2018 FOR ASSESSMENT YEAR 2014-15. AT THE TIME S.P. NO.58/BANG/2019 (IN ITA NO.81/BANG/2019) PAGE 2 OF 2 OF HEARING, THE COUNSEL FOR ASSESSEE SUBMITTED THAT THE ENTIRE DEMAND HAS BEEN PAID BY THE ASSESSEE, BY WAY OF PAYMENTS OF RS.5,50,930/- ON 30.06.2018 AND THE BALANCE OF RS.22,03,730/- ON 20.02.2019, WHEREBY THE ENTIRE DEMAND HAS BEEN PAID BY THE ASSESSEE. COPIES OF CHALLANS EVIDENCING THE AFORESAID PAYMENTS OF TAX BY THE ASSESSEE HAVE BEEN FILED BEFORE THE BENCH. IN THE CIRCUMSTANCES AS NARRATED ABOVE, SINCE THE ENTIRE TAX DEMAND HAS BEEN PAID IN RESPECT OF ASSESSEES APPEAL IN ITA NO.81/BANG/2019 FOR ASSESSMENT YEAR 2014-15, THIS SP IS RENDERED INFRUCTUOUS AND ACCORDINGLY DISMISSED. 6. IN THE RESULT, THE ASSESSEES STAY PETITION FOR ASSESSMENT YEAR 2014-15 IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 1 ST DAY OF MARCH, 2019. SD/- SD/- BANGALORE. DATED: 1 ST MARCH, 2019. /NS/* COPY TO: 1. APPELLANTS 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR, ITAT, BANGALORE. ( PAVAN KUMAR GADALE ) ( JASON P BOAZ ) JUDICIAL MEMBER ACCOUNTANT MEMBER