Surabhi Souharda Credit Co-operative Limited , Bangalore V. Income Tax Officer Ward-7(2)(5), Bangalore

SA 68/BANG/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6228 (ITAT-BANGALORE)
• Duration Of Justice: 2 month(s) 9 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: 20-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: B S BALACHANDRAN

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. 68/BANG/2019 (IN ITA NO. 2 06 / BANG/201 9) ASSESSMENT YEAR : 2 0 14 - 15 M/S. SURABHI SOUHARDA CREDIT CO-OPERATIVE LIMITED, 270, I FLOOR, SAIRAM COMPLEX, 5 TH BLOCK, KORAMANGALA, BANGALORE 560 085. PAN: AAFAS0815D VS. THE INCOME TAX OFFICER, WARD 7 (2) (5), BANGALORE. APPELLANT RESPONDENT APPELLANT BY : SHRI B.S. BALACHANDRAN, ADVOCATE RESPONDENT BY : SHRI R.N. SIDDAPPAJI, ADDL. CIT (DR) DATE OF HEARING : 1 5 .0 3 .2019 DATE OF PRONOUNCEMENT : 15. 0 3 .2019 O R D E R PER SHRI A.K. GARODIA, ACCOUNTANT MEMBER THIS STAY PETITION IS FILED BY THE ASSESSEE SEEKING STAY OF DISPUTED OUTSTANDING DEMAND OF RS. 58,80,480/-. 2. IN COURSE OF HEARING, IT WAS SUBMITTED BY LD. AR OF ASSESSEE THAT THIS DISPUTED OUTSTANDING DEMAND INCLUDES OUTSTANDING INTEREST OF RS. 16,92,810/- AND THEREFORE DISPUTED OUTSTANDING DEMAND EXCLUDING INTEREST IS ONLY OF RS. 41,87,670/-. HE ALSO SUBMITTED THAT THE TOTAL DISPUTED TAX DEMAND IS RS. 52,78,600/-. THE ASSESSEE HAS ALREADY MADE PAYMENT OF RS. 10,90,930/-. HE SUBMITTED THAT ASSESSEE IS READY TO MAKE FURTHER PAYMENT OF RS. 15 LAKHS AND AFTER MAKING PAYMENT OF RS. 15 LAKHS, TOTAL PAYMENT AGAINST DISPUTED TAX DEMAND EXCLUDING INTEREST WILL BE ABOUT 50% OF THE TAX DEMAND EXCLUDING INTEREST. HE SUBMITTED THAT SUBJECT TO THIS S.P. NO. 68/BANG/2019 (IN ITA NO.206/BANG/2019) PAGE 2 OF 2 PAYMENT OF RS. 15 LAKHS, STAY SHOULD BE GRANTED. THE LD. DR OF REVENUE STRONGLY OPPOSED GRANTING OF STAY. 3. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND IN VIEW OF THE FACTS DISCUSSED ABOVE, WE FEEL IT PROPER TO GRANT STAY FOR THE DISPUTED OUTSTANDING DEMAND SUBJECT TO PAYMENT OF RS. 15 LAKHS ON OR BEFORE 22.03.2019. THE STAY SHOULD BE VALID FOR THREE MONTHS FROM THE DATE OF THIS ORDER OR TILL THE DISPOSAL OF THE APPEAL WHICHEVER IS EARLIER. THE APPEAL IS FIXED FOR HEARING ON 17.07.2019 BUT BECAUSE WE ARE GRANTING STAY, THE HEARING IS PREPONED TO 09.04.2019 AND SINCE THIS DATE OF HEARING WAS PRONOUNCED IN 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 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 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 15 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.