Income Tax Appellate Tribunal - Pune
M/S. Triple Point Technology (India) ... vs Deputy Commissioner Of Income-Tax,, ... on 9 June, 2017
आयकर अपील य अ धकरण] पण
ु े यायपीठ "ए" पण
ु े म
IN THE INCOME TAX APPELLATE TRIBUNAL
PUNE BENCH "A", PUNE
BEFORE MS. SUSHMA CHOWLA, JM AND
SHRI ANIL CHATURVEDI, AM
आयकर अपील सं . / S.A. No.44/PUN/2017
(Arising out of ITA No.786/PUN/2017)
नधा रण वष / Assessment Year : 2012-13
Triple Point Technology (India) Private
Limited, Unit No.601-602, .......... अपीलाथ /
Commerzone Complex,
Appellant
Building 3, 6th Office Floor,
Samrat Ashok Path, Yerwada,
Pune - 411006.
PAN : AABCT8184A.
बनाम v/s
Dy.Commissioner of Income Tax, .......... यथ /
Circle-7, Pune.
Respondent
अपीलाथ क ओर से / Appellant by : Shri Kamal Sawhney.
यथ क ओर से / Respondent by : Shri Mukesh Jha.
सन
ु वाई क तार ख / घोषणा क तार ख /
Date of Hearing : 09.06.2017 Date of Pronouncement: 09.06.2017
आदे श / ORDER
PER ANIL CHATURVEDI, AM :
Through the present stay application, the assessee wants us to stay the outstanding tax demand of Rs.1,44,84,830/- for A.Y. 2012-13.
2. Before us, Ld.A.R. submitted that the tax demand has arisen on account of Transfer Pricing (TP) adjustment of Rs.2.76 crores. He submitted that on identical facts no such adjustment was done by AO in earlier years and in subsequent years in the scrutiny assessments. He therefore submitted that the assessee has a prima facie strong arguable case and therefore submitted that the entire tax demand be stayed. In the alternative, Ld.A.R. submitted 2 that assessee is willing to pay 10% of the disputed tax demand in installments or such amounts as deemed fit by the Tribunal and further an early hearing of the quantum appeal be granted. Ld. D.R. on the other hand opposed the stay application and submitted that the assessee be asked to deposit atleast 50% of the outstanding demand.
3. We have heard the rival submissions and perused the material on record. Considering the submissions made by Ld.A.R, we are of the view that in the present case, assessee has a prima facie arguable case, balance of convenience and thus it is a fit case for granting stay. We therefore grant stay of the disputed tax demand subject to the following conditions :
a) The assessee is directed to deposit Rs.20 lacs in two installments in the following manner :
1) Rs.10 lacs by 30.06.2017 &
2) Rs. 10 lacs by 30.07.2017
b) The assessee shall furnish proof of payment of tax at the time of hearing.
c) That an early hearing is hereby granted and this appeal is therefore fixed for hearing on 12.09.2017 and this date is pronounced in the Court for which both the parties have agreed. No separate notice of hearing is therefore required to be issued by the Registry since the date of hearing is duly communicated to both the sides.
d) If a Paper Book is desired to be filed by the assessee, then the same should be submitted well in advance as prescribed in ITAT Rules.3
e) That the assessee shall not seek frivolous adjournment.
f) In case of breach of the above conditions, the stay granted shall automatically get vacated unless directed otherwise by the Bench.
4. Subject to the fulfillment of the above conditions, the balance outstanding demand is stayed for a period of 180 days from the date of this order or till disposal of the appeal, whichever is earlier.
5. In the result, the stay application filed by the assessee is disposed off on the terms indicated in the foregoing paragraphs.
Order pronounced on 9th day of June, 2017.
Sd/- Sd/-
(SUSHMA CHOWLA) (ANIL CHATURVEDI)
या यक सद!य / JUDICIAL MEMBER लेखा सद!य / ACCOUNTANT MEMBER
पण
ु े Pune; दनांक Dated : 9th June, 2017.
Yamini आदे श क# $ त&ल'प अ(े'षत/Copy of the Order forwarded to :
1. अपीलाथ / The Appellant
2. यथ / The Respondent
3. DCIT(TP),Pune.
4. Addl.CIT(TP)-2, Pune.
5. #वभागीय &त&न'ध, आयकर अपील य अ'धकरण, "ए" / DR, ITAT, "A" Pune;
6. गाड- फाईल / Guard file.
आदे शानस ु ार/ BY ORDER,स // True Copy // सहायक रिज23ार/ Assistant Registrar, आयकर अपील य अ'धकरण ,पण ु े / ITAT, Pune.