Income Tax Appellate Tribunal - Delhi
M/S. Pepsico India Holdings Pvt. Ltd., ... vs Acit, New Delhi on 25 September, 2017
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH: I-2 NEW DELHI
BEFORE SHRI R. S. SYAL, VICE PRESIDENT
AND
SHRI LALIT KUMAR, JUDICIAL MEMBER
S.A. No.585/Del/2016
(In I.T.A No.6537/Del/2016)
Assessment Year : 2012-13
Pepsico India Holdings Pvt. Ltd., Vs ACIT,
Level 3-6, Pioneer Square, Sector 62, Central Circle-7,
Near Golf Course Extension Road, New Delhi.
Gurgaon, Haryana - 122002.
PAN: AAACP1272G
(Applicant) (Respondent)
Assessee by: Shri Deepak Chopra, Advocate &
Shri Anmol Anand, Advocate
Revenue by: Shri H.K. Choudhary, CIT, DR
Date of Hearing 25.09.2017
Date of Pronouncement 25.09.2017
ORDER
PER R. S. SYAL, VP:
By means of the present stay application, the assessee requires the Tribunal to stay demand of Rs.80,88,36,756/- crore inclusive of interest for the A.Y. 2012-13 till the disposal of the captioned appeal by the Tribunal.2 SA No. 585/Del/2016
2. The ld. AR argued that the assessee has a prima facie good case before the tribunal. It was further stated that major component of the demand is on account of transfer pricing addition on AMP expenses and the tribunal has consistently given blanket stay on this issue. Some orders passed by the tribunal for earlier years granting such a stay were also placed on record. On the other hand, the ld. DR opposed the stay application.
3. We have heard both the sides and perused the relevant material on record. We find that the demand to the tune of Rs.80,44,34,505/- out of the total demand of Rs.80.88 crore and odd, is on account of adjustment towards AMP expenses. The ld. AR has brought on record the order passed by the Tribunal for earlier year in which blanket stay was granted towards the demand arising on account of AMP expenses. This was done following another order passed by the Tribunal in the assessee's own case. The ld. DR could not point out any distinguishing features between the facts of the instant year vis-à-vis such earlier years. 3 SA No. 585/Del/2016 Considering the totality of facts and circumstances of the instant case, we are inclined to grant stay for a period of six months from today or till the disposal of appeal, whichever is earlier, subject to the assessee depositing a sum of Rs. 15 lac on or before 15th October, 2010 from the remaining demand of Rs.44 lac. Pursuant to the ld. AR agreeing to the above arrangement for payment, an announcement to this effect was made in the open court on the conclusion of hearing.
4. However, this accommodation is subject to furnishing of undertaking to the satisfaction of the Assessing Officer to the effect that it will not alienate or dispose of any of its immovable properties till the final disposal of the present appeal except the defunct/non-operational assets of little more than the value of Rs.10,00,00,000/- situated at Chembur, Mumbai (Maharashtra) and Madurai, Tamil Nadu. This will not cause any prejudice to the Revenue keeping in view the fact that the assessee is having huge fixed assets to the tune of Rs.2345.27 crore (unaudited) as on 31.03.2017. The assessee shall also not be entitled to seek any adjournment without a just cause. In case any of the terms and 4 SA No. 585/Del/2016 conditions is/are violated, the stay herein granted shall be vacated and appeal shall revert to its original position to be fixed in a routine manner. With these observations, and subject to the above terms and conditions, the stay application of the assessee gets disposed of accordingly.
5. In the result, the stay application is allowed in above terms.
Order pronounced in the open Court on 25.09.2017.
Sd/- Sd/- (LALIT KUMAR) (R. S. SYAL) JUDICIAL MEMBER VICE PRESIDENT Dated: 25.09.2017 dk Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR