Income Tax Appellate Tribunal - Mumbai
Temasek Holdings Advisors India P.Ltd, vs Ito 14(3)(1), on 28 April, 2017
IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH "K", MUMBAI
BEFORE SHRI RAJENDRA, ACCOUNTANT MEMBER AND
SHRI PAWAN SINGH, JUDICIAL MEMBER
S.A. No.138/Mum/2017 (Arising out of ITA No.1429/Mum/2017)
Assessment Year: 2012-13
Temasek Holdings Advisors India ITO Circle-14(3)(1),
Pvt. Ltd. 12,3 North Avenue, Maker Aayakar Bhavan, M.K. Road,
Maxity, Bandra Kurla Complex, Vs. Mumbai-400020.
Bandra (E), Mumbai-400051
PAN: AACCM4000H
(Appellant) (Respondent)
Assessee by : Shri Divesh Chawla (AR)
Revenue by : Shri Saurabh G. Deshpande
(DR)
Date of hearing : 28.04.2017
Date of Pronouncement : 28.04.2017
ORDER
PER PAWAN SINGH, JM:
1. This stay petition /application filed by assessee for stay of outstanding demand of Rs.3,30,28,370/- for Assessment Year 2012-13. The total tax liability against the assessee is Rs. 48012906/- and Rs. 1,29,63,405/- is the interest on the due tax. Out of which the assessee has paid Rs. 2,79,47,939/-. Thus, total outstanding amount of Rs. 3,30,28,370/-. The Ld. AR of the assessee submitted that addition was made on account of Transfer Pricing Adjustment (TPA) for none binding investment advisory services. Ld. Counsel argued that all issues raised in the appeal are covered in favour of assessee by various decisions of Tribunal. The ld. counsel for the assessee has argued that assessee has good prima facie case on merit and is likely to succeed. Ld. counsel further prayed for fixing date of hearing of main appeal as no date of hearing is yet been fixed by Registry. On the other hand, the ld. DR for the Revenue opposed the stay of outstanding demand and argued that the stay application of the assessee is pending with the Assessing Officer. In the rejoinder argument the ld. AR of the assessee placed on record the copy of application 2 S.A.No. 138/Mum/2017- Temasek Holdings Advisors India Pvt. Ltd.
for rejection of stay was rejected by Assessing Officer on 22.03.2017. Copy of which is placed on record.
2. We have considered the rival contention of the parties and have gone thought the stay application. Considering the facts and circumstances of the case, that issue raised in the present appeal is covered in favour of assessee, hence, the outstanding demand for AY 2012-13 is stayed. Considering the contention of ld. counsel for assessee that issue raised in the appeal is covered in favour of assessee in assessee's own case for earlier years. We have seen that balance of convenience lies in favour of assessee. The assessee may suffer hardship in case outstanding demand is not stayed. Keeping in view that issue raised in the appeal are covered in favour of assessee, the outstanding demand of tax for AY 2012-13 is stayed for six month or till the disposal of main appeal whichever is earlier.
3. We have noticed that the assessee has filed appeal before the Tribunal on 01.03.2017 and no date of hearing has been fixed by the Registry. Considering the fact that we have stayed the outstanding tax demand for six month, we fixed the date of haring of main appeal for 24.07.2017. As we have announced the date of hearing of appeal at the time of hearing the stay application, the issuance of separate notice is dispensed with. It is made clear that the assessee would not seek any adjournment without any valid reason and shall made all endeavour to dispose of the appeal as early as possible.
4. In the result, stay application of the assessee is allowed.
Order pronounced in the open court on 28th April 2017.
Sd/- Sd/-
(RAJENDRA) (PAWAN SINGH)
ACCOUNTANT MEMBER JUDICIAL MEMBER
मबंु ई Mumbai; दनांक Dated 28/04/2017
S.K.PS
आदे शक त ल पअ े षत/Copy of the Order forwarded to :
1. अपीलाथ / The Appellant
2. यथ / The Respondent.
3. आयकरआयु त(अपील) / The CIT(A), Mumbai.
4. आयकरआयु त/ CIT
5. वभागीय त न ध, आयकरअपील यअ धकरण, मंब ु ई/ DR, ITAT, Mumbai
6. गाड"फाईल / Guard file. 3 S.A.No. 138/Mum/2017- Temasek Holdings Advisors India Pvt. Ltd.
स या पत त //True Copy/ आदे शानस ु ार/BY ORDER, उप/सहायकपंजीकार (Asstt.Registrar) आयकरअपील यअ धकरण, मुंबई / ITAT, Mumbai