M/s Ocwen Financial Solutions Private Limited , Bangalore V. Joint Commissioner of Income Tax Special Range-5 , Bangalore

SA 91/BANG/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6221 (ITAT-BANGALORE)
• Duration Of Justice: 2 month(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: 01-03-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL

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. 91/BANG/2019 (IN IT (TP) A NO. 130 / BANG/201 9) ASSESSMENT YEAR : 2 0 14 - 15 M/S. OCWEN FINANCIAL SOLUTIONS PRIVATE LIMITED (SUCCESSOR OF HOMEWARD RESIDENTIAL CORPORATION INDIA PRIVATE LIMITED), PRITECH PARK, BLOCK NUMBER 12, UNIT 2, 5 TH B & 6 TH A FLOORS, BELLANDUR VILLAGE, SARJAPUR MARATHAHALLI RING ROAD, BANGALORE 560 103. PAN: AAACO7914J VS. THE JOINT COMMISSIONER OF INCOME TAX, SPECIAL RANGE 5, BANGALORE. APPELLANT RESPONDENT APPELLANT BY : SHRI CHAVALI NARAYAN, CA 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. 3,46,28,306/- FOR ASSESSMENT YEAR 2014-15. 2. IN COURSE OF HEARING OF THE STAY PETITION, IT WAS SUBMITTED BY LD. AR OF ASSESSEE THAT THIS DISPUTED OUTSTANDING DEMAND OF RS. 3,46,28,306/- INCLUDES INTEREST ALSO OF RS. 1,28,59,739/-. HE SUBMITTED THAT THE ASSESSEE IS READY TO MAKE PAYMENT OF RS. 1.50 CRORES AND SUBJECT TO THIS CONDITION, STAY SHOULD BE GRANTED. THE LD. DR OF REVENUE STRONGLY OPPOSED GRANTING OF STAY. 3. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. WE FEEL THAT THIS IS A GOOD CASE FOR GRANTING STAY BECAUSE ONCE THE ASSESSEE MAKES PAYMENT OF RS. 1.50 CRORES, THE PAYMENT BY ASSESSEE WILL BE ABOUT 67% ON THE DISPUTED TAX S.P. NO. 91/BANG/2019 (IN IT(TP)A NO. 130/BANG/2019) PAGE 2 OF 2 DEMAND EXCLUDING INTEREST AND IT WILL BE AROUND 43% OF THE DISPUTED OUTSTANDING DEMAND INCLUDING INTEREST. HENCE WE GRANT STAY TO THE ASSESSEE OF THE DISPUTED OUTSTANDING DEMAND FOR A PERIOD OF 3 MONTHS FROM THE DATE OF THIS ORDER OR TILL THE DISPOSAL OF THE APPEAL WHICHEVER IS EARLIER SUBJECT TO THIS CONDITION THAT ASSESSEE WILL MAKE PAYMENT OF RS. 1.50 CRORES ON OR BEFORE 22.03.2019. THE APPEAL IS FIXED FOR HEARING ON 11.07.2019. IN VIEW OF GRANTING OF STAY, THE HEARING OF APPEAL IS PREPONED TO 13.05.2019. SINCE THE DATE OF HEARING IS PRONOUNCED IN THE 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.