M/s PUMA India Corporate Services Private Limited , Bangalore V. The Deputy Commissioner of Income Tax Circle-5(1)(2), Bangalore

SA 61/BANG/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6186 (ITAT-BANGALORE)
• Duration Of Justice: 2 month(s) 15 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: 15-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR P V PRADEEP KUMAR
• Keywords: Recovery proceedings; Transfer pricing; Application of stay

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, BENGALURU BEFORE SHRI B.R.BASKARAN, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER SP NO.61BANG/2019 (IN IT(TP)A NO.2649/BANG/2018) (ASSESSMENT YEAR: 2014-15) M/S.PUMA INDIA CORPORATE SERVICES PVT. LTD. NO.509, CMH ROAD, INDIRANAGAR, BENGALURU-560038 VS. PETITIONER DEPUTY COMMISSIONER OF INCOME - TAX, CIRCLE 5(1), BENGALURU. RESPONDENT PETITIONER BY : SHRI CHAVALI NARAYAN, CA. RESPONDENT BY : DR.P.V.PRADEEP KUMAR, ADDL.CIT(DR) DATE OF HEARING : 01/03/2019 DATE OF PRONOUNCEMENT: 01/03/2019 O R D E R PER PAVAN KUMAR GADALE, JM : THE ASSESSEE HAS FILED THE STAY PETITION IN IT(TP)A NO.2649/BANG/2018 TO STAY THE RECOVERY OF TAX OF RS.1,04,87,820/- TILL DISPOSAL OF THE APPEAL BY THE TRIBUNAL. THE LEARNED AR SUBMITTED THAT THE ASSESSEE IS IN THE SINGLE BRAND RETAIL TRADING OF PUMA PRODUCTS AND FILED THE RETURN OF INCOME ON 29/11/2014 DECLARING TOTAL INCOME OF RS.87,85,760/-. THE ASSESSING OFFICER, AFTER CONSIDERING THE TRANSFER PRICING ADJUSTMENT PASSED THE FINAL ASSESSMENT ORDER SP NO.61/BANG/2019 PAGE 2 OF 3 RAISING DEMAND OF RS.1,31,09,100/-. THE ASSESSEE HAS ALREADY PAID RS.26,21,280/- AGAINST THE SAID AMOUNT. THE ARS CONTENTION IS THAT THE ASSESSEE HAS A PRIMA FACIE GOOD CASE AND BALANCE OF CONVENIENCE IS IN FAVOUR OF THE ASSESSEE. ON THE OTHER HAND, LEARNED DR OPPOSED THE STAY APPLICATION AND SUBMITTED THAT NO BLANKET STAY BE GRANTED. 3. CONSIDERING THE FACTUAL ASPECTS AND ALSO THE SUBMISSIONS OF THE LEARNED AR, WE STAY THE RECOVERY OF TAX FOR A PERIOD OF 180 DAYS AND DIRECT THE ASSESSEE TO PAY RS.5 LAKHS ON OR BEFORE 15/3/2019 AND WE DIRECT THAT THE APPEAL TO BE POSTED FOR HEARING ON 15/05/2019. SINCE DATE HAS BEEN ANNOUNCED IN THE OPEN COURT, NO SEPARATE HEARING NOTICE BE ISSUED AND ASSESSEE MAY FILE PAPER BOOK AS PER ITAT RULES BEFORE THE DATE OF FILING AND WE ORDER ACCORDINGLY. 4. IN THE RESULT, THE STAY PETITION IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 1 ST MARCH, 2019. SD/- SD/- (B.R.BASKARAN) (PAVAN KUMAR GADALE) ACCOUNTANT MEMBER JUDICIAL MEMBER PLACE : BENGALURU D A T E : 01/03/2019. SRINIVASULU, SPS SP NO.61/BANG/2019 PAGE 3 OF 3 COPY TO : 1 APPELLANT 2 RESPONDENT 3 CIT(A)- 4 CIT 5 DR, ITAT, BANGALORE. 6 GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME-TAX APPELLATE TRIBUNAL BANGALORE