Income Tax Appellate Tribunal - Delhi
Fis Global Business Solutions India ... vs Acit Circle-7(1), Delhi on 8 July, 2022
Author: G.S. Pannu
Bench: G.S. Pannu
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH, 'I': NEW DELHI
BEFORE SHRI G.S. PANNU, PRESIDENT
AND
SHRI SAKTIJIT DEY, JUDICIAL MEMBER
SA No.172/Del/2022
(Arising out of ITA No.1502/DEL/2022
[Assessment Year: 2005-06]
FIS Global Business Solutions Assistant Commissioner of
India Private Limited, Income Tax, Circle-7(1),
S-405, Lower Ground Floor,, C.R. Building, ITO, I.P. Estate,
Greater Kailash, Part-II, New Delhi-110002
New Delhi-110048
PAN-AAACH2815H
Appellant Respondent
Appellant by Sh. Himanshu Sinha, Adv. &
Sh. Bhuvan Dnupar, Adv.
Respondent by Sh. Sanjay Kumar, Sr. DR
Date of Hearing 08.07.2022
Date of Pronouncement 08.07.2022
ORDER
PER SAKTIJIT DEY, JM,
The captioned application has been filed by the assessee seeking stay on recovery of outstanding demand of Rs.20,54,89,380/- pertaining to the Assessment Year 2005-06.
2. The learned Counsel appearing for the assessee submitted that the Transfer Pricing Officer (TPO) has failed to properly implement the directions of the Dispute Resolution Panel (DRP). He submitted, the TPO has committed various mistakes/error while computing the Arm's Length Price of the international transactions with the AE. He submitted, seeking rectification of mistakes, the 2 SA No.172/Del/2022 assessee has moved an application u/s 154 of the Act on 07th July, 2022, which is pending. He submitted, if assessee's rectification application is allowed, the demand will get substantially reduced.
3. Without prejudice, he submitted, refund for the Assessment Year 2010-11 amounting to Rs.7,60,37,127/- has been crystallized by the Assessing Officer and is due to the assessee. Thus, he submitted, 20% of the outstanding demand of the impugned assessment year may be adjusted out of refund due to the assessee for Assessment Year 2010-11. Further, he submitted, assessee may be granted early date of hearing of the appeal.
4. While accepting the claim of the assessee that refund due to the assessee for Assessment Year 2010-11 has been crystallized, learned Departmental Representative submitted that the Assessing Officer may be directed to adjust 20% of the outstanding demand from the refund due. As regards, the assessee's request for early hearing of the appeal, he did not express any objection.
5. We have considered rival submission and perused the material available on record. After considering the prima facie case and balance of convenience, we direct the Assessing Officer to adjust 20% of the outstanding demand against refund due to the assessee for the Assessment Year 2010-11. Subject to such adjustment, the recovery of the balance outstanding demand shall be stayed for a 3 SA No.172/Del/2022 period of 180 days from the date of this order or till the disposal of the corresponding appeal of the assessee, whichever is earlier.
6. Further, considering the prayer of the assessee for fixing an early date of hearing of the appeal, which was not opposed by learned Departmental Representative, we direct the registry to fix the appeal for hearing on 21.09.2022 on an out of turn basis. Paper books if any must be filed by the parties sufficiently ahead of the date of hearing of appeal. At this stage, it is made clear, the appeal will be taken up for hearing on the date fixed, subject to, disposal of the rectification application filed u/s 154 of the Act before the TPO or withdrawal of the said application by the assessee. Since, the date of hearing of the appeal was announced in the open court, in the presence of both the parties, there is no need to issue separate notice of hearing to the parties. With the aforesaid observations, the Stay Application is disposed off.
7. In the result, the Stay Application is partly allowed.
Order was pronounced in the open court on 08.07.2022.
Sd/- Sd/-
[G.S. PANNU] [SAKTIJIT DEY]
PRESIDENT JUDICIAL MEMBER
Delhi; Dated: 08.07.2022.
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Copy forwarded to:
1. Appellant
4 SA No.172/Del/2022
2. Respondent
3. CIT
4. CIT(A)
5. DR
Asst. Registrar,
ITAT, New Delhi