M/s Kanyakaparameshwari Co-operative Bank Limited , Mysore V. The Assistant Commissioner of Income Tax Circle-1(1), Mysore

SA 73/BANG/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6205 (ITAT-BANGALORE)
• Duration Of Justice: 2 month(s) 7 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: 2012-2013
• Appeal Filed On: 22-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: S V RAVISHANKAR
• Keywords: Application of stay
• Section: 40(a)(ia)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH B BEFORE SHRI A. K. GARODIA, ACCOUNTANT MEMBER AND SHRI LALIET KUMAR, JUDICIAL MEMBER S.P. NO.73/BANG/2019 (IN ITA NO.1481/BANG/2018) (ASSESSMENT YEAR : 2012-13) M/S. SRI KANYAKAPARAMESWARI CO-OPERATIVE BANK LTD., K. R. CIRCLE, MYSURU 570 001. . PETITIONER. VS. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1(1), MYSURU. .. RESPONDENT. PETITIONER BY : SHRI S. V. RAVISHANKAR, ADVOCATE RESPONDENT BY : SHRI R. N. SIDDAPPAJI, ADDL.CIT DATE OF HEARING : 15.03.2019. DATE OF PRONOUNCEMENT : 15.03.2019. O R D E R PER SHRI LALIET KUMAR, JM : THIS STAY APPLICATION IS FILED BY THE ASSESSEE FOR SEEKING GRANT OF STAY AGAINST THE OUTSTANDING DEMAND OF RS.36,25,480/-. IT WAS THE CONTENTION OF THE LEARNED AR THAT THE ASSESSEE HAD ALREADY DEPOSITED AN 2 S.P. NO.73/BANG/2019 (IN ITA NO.1481/BANG/2018) AMOUNT OF RS.52 LAKHS (APPROX.) WITH THE REVENUE WHICH COMES OUT TO BE MORE THAN 50% OF THE TOTAL TAX DEMAND RAISED BY THE AO AGAINST THE ASSESSEE (RS.1,01,94,462/-). IT WAS SUBMITTED THAT THE ASSESSEE, BEING A CO-OPERATIVE SOCIETY, IS ENTITLED TO RELIEF ON MERIT AS THE ASSESSMENT UNDER SECTION 40(A)(IA) HAD ALREADY BEEN CONCLUDED BY THE JURISDICTIONAL HIGH COURT IN FAVOUR OF THE ASSESSEE AND AGAINST THE REVENUE. 2. PER CONTRA, THE LEARNED DR SUBMITTED THAT THE ASSESSEE IS NOT ENTITLED FOR RELIEF ON MERIT AND IT WAS SUBMITTED THAT THE ASSESSEE BE ASKED TO PAY SUBSTANTIAL AMOUNT AGAINST THE TAX DEMAND. 3. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE RECORD. IN THE PRESENT CASE, THE ASSESSEE HAD ALREADY DEPOSITED A SUM OF RS.52 LAKHS AND SUPPORTING DOCUMENTS ARE ALREADY ON RECORD. HOWEVER, THE ASSESSEE HAD MADE OUT A PRIMA FACIE CASE IN ITS FAVOUR AND AGAINST THE REVENUE. AT THIS STAGE, WE ARE EXAMINING THE RIVAL CONTENTIONS RAISED BY THE PARTIES AND ALSO EXAMINING THE PRIMA FACIE CASE OF THE ASSESSEE. CONSIDERING THE TOTALITY OF THE CIRCUMSTANCES AND THE FACT THAT THE 3 S.P. NO.73/BANG/2019 (IN ITA NO.1481/BANG/2018) ASSESSEE HAD ALREADY DEPOSITED MORE THAN 52 LAKHS WITH THE REVENUE, WE GRANT STAY TO THE ASSESSEE WITH THE CONDITION TO DEPOSIT A SUM OF RS.5,00,000/- OVER AND ABOVE THE AMOUNT ALREADY DEPOSITED ON OR BEFORE 27.03.2019. THE DATE OF APPEAL IS NOW FIXED FOR 01.04.2019. SINCE THE DATE OF HEARING IS ANNOUNCED IN OPEN COURT IN THE PRESENCE OF THE PARTIES, NO NOTICES FOR HEARING SHALL BE SEPARATELY ISSUED BY REGISTRY. THE PARTIES ARE HEREBY DIRECTED TO SUBMIT THE RESPECTIVE PAPER BOOKS WITH ACCORDANCE WITH RULES. THE STAY GRANTED HEREIN ABOVE SHALL BE FOR A PERIOD OF 3 MONTHS OR TILL THE DISPOSAL OF THE APPEAL, WHICHEVER IS EARLIER. ASSESSEE IS DIRECTED NOT TO TAKE ANY FURTHER ADJOURNMENT IN THE MATTER. 4. IN THE RESULT, THE STAY PETITION FILED BY THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 15.03.2019. SD/- (A. K. GARODIA) ACCOUNTANT MEMBER SD/- (LALIET KUMAR) JUDICIAL MEMBER BANGALORE, DT. 15.03.2019. /NS/* 4 S.P. NO.73/BANG/2019 (IN ITA NO.1481/BANG/2018) COPY TO : 1 APPELLANT 4 CIT(A) 2 RESPONDENT 5 DR. ITAT, BANGALORE 3 CIT 6 GUARD FILE ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL BANGALORE.