M/s Cisco Systems Capital India Private Limited , Bangalore V. Deputy Commissioner of Income Tax Circle-2(1)(1), Bangalore

SA 65/BANG/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6218 (ITAT-BANGALORE)
• Duration Of Justice: 2 month(s) 11 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 01-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2013-2014
• Appeal Filed On: 19-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

SP.65/BANG/2019 PAGE - 1 IN THE INCOME TAX APPELLATE TRIBUNAL BENGALURU BENCH 'C', BENGALURU BEFORE SHRI. A. K. GARODIA, ACCOUNTANT MEMBER AND SHRI. LALIET KUMAR, JUDICIAL MEMBER STAY PETITION NO.65/BANG/2019 (IN I.T.A NO.219/BANG/2018) (ASSESSMENT YEAR : 2013-14) M/S. CISCO SYSTEMS CAPITAL (INDIA) P. LTD, 2 ND FLOOR, BRIGADE SOUTH PARADE, NO.10, M. G. RAOD, BENGALURU 560 001 .. APPLICANT PAN : AACCC4552A V. DY. COMMISSIONER OF INCOME TAX, CIRCLE -2(1)(1), BENGALURU .. RESPONDENT ASSESSEE BY : SHRI. CHAVALI NARAYAN, CA REVENUE BY : SHRI. VIKRAM SURYAVAMSHI, ADDL. CIT HEARD ON : 22.02.2019 PRONOUNCED ON : 22.02.2019 O R D E R PER LALIET KUMAR, JUDICIAL MEMBER : THIS STAY PETITION IS FILED BY THE ASSESSEE, SEEKI NG STAY OF THE OUTSTANDING DEMAND OF RS.15,43,01,427/- FOR THE ASS ESSMENT YEAR 2013-14. SP.65/BANG/2019 PAGE - 2 02. THE LD. AR SUBMITTED THAT THE ASSESSEE HAD ALRE ADY DEPOSITED A SUM OF RS.15,43,00,000/- AGAINST THE OUTSTANDING OF RS.30,86,01,427/-. THE PRINCIPAL TAX AMOUNT OUT OF THE TOTAL DUE OF RS.30,86,01,427/-, IS RS.19,77,54,268/-, WHICH IS A PPROXIMATELY 78% OF THE TOTAL TAX DEMAND. OTHERWISE ALSO, IT WA S SUBMITTED THAT THE CASE OF THE ASSESSEE IS COVERED BY THE DECISION OF THE TRIBUNAL. 03. ON THE OTHER HAND THE LD. DR SUBMITTED THAT THE ASSESSEE SHOULD BE ASKED TO DEPOSIT SOME MORE AMOUNT. 04. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE RECORD. AS THE ASSESSEE HAS ALREADY PAID 78% OF THE TAX DEM AND AND AS THE ASSESSEE HAS A PRIMA FACIE CASE IN ITS FAVOUR, WE G RANT STAY FOR A PERIOD OF SIX MONTHS OR TILL DISPOSAL OF THE APPEAL , WHICHEVER IS EARLIER. THE APPEAL IS NOW POSTED FOR HEARING ON 1 8.04.2019. NO FURTHER NOTICE OF HEARING SHALL BE SERVED AS THE DA TE OF HEARING WAS ANNOUNCED IN THE OPEN COURT AT THE TIME OF HEARING. WE DIRECT THAT THE ASSESSEE SHALL NOT SEEK ADJOURNMENT WITHOUT JUS TIFIABLE REASONS. 05. IN THE RESULT, THE STAY PETITION IS DISPOSED OF F TO THE ABOVE MENTIONED EXTENT. ORDER PRONOUNCED IN THE OPEN COURT ON 22 ND FEBRUARY, 2019. SD/- SD/- (A. K. GARODIA) (LALIET KUMAR) ACCOUNTANT MEMBER JUDICIAL MEMBE R BENGALURU DATED : 22.02.2019 MCN* SP.65/BANG/2019 PAGE - 3 COPY TO: 1. THE ASSESSEE 2. THE ASSESSING OFFICER 3. THE COMMISSIONER OF INCOME-TAX 4. COMMISSIONER OF INCOME-TAX(A) 5. DR 6. GF, ITAT, BANGALORE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL, BANGALORE.