Income Tax Appellate Tribunal - Bangalore
M/S. Finastra Software Solutions (I) ... vs Assistant Commissioner Of Income Tax, ... on 18 January, 2018
IN THE INCOME TAX APPELLATE TRIBUNAL
'A' BENCH, BENGALURU
BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER
and
SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER
Sty Petn.No.12/Bang/2018
(In IT(TP)A No.1392/Bang/2014)
(Assessment year: 2009-10)
Sty Petn.No.13/Bang/2018
(In IT(TP)A No.529/Bang/2016)
(Assessment year: 2011-12)
Sty Petn.No.14/Bang/2018
(In IT(TP)A No.2695/Bang/2017)
(Assessment year: 2013-14)
M/s.Finastra Software Solutions (India) Pvt. Ltd.
(formerly Misys Software Solutions India Pvt. Ltd.
Bagmane Constellation Business Park,
4th to 6th floor, Virgo Bldg., ORR,
Doddanekkundi, Marathahalli,
Bengaluru. ... Appellant
Vs.
Deputy Commissioner of Income-tax,
Circle 12(1),
Bengaluru. ... Respondent
Appellant by : Shri T.Suryanarayana, Advocate.
Respondent by : Shri B.R.Ramesh, JCIT(DR)
Date of hearing : 17/01/2018
Date of pronouncement : 18/01/2018
O R D E R
Per INTURI RAMA RAO, AM :
All these petitions are filed by the assessee-company seeking stay of demand of Rs.5,97,64,346/-, Rs.6,51,44,132/- and Rs.6,48,00,520/- for assessment years 2009-10, 2010-11 and 2011-12 respectively. It is submitted that the demand in question had arisen on account of transfer pricing adjustment u/s 92CA of the Income-tax Act, 1961 [hereinafter SP Nos.12 to 14/Bang/2018 Page 2 of 3 referred to as 'the Act' for short] involving selection of comparables. It is submitted that appeal for the assessment year 2009-10 was already heard and was released whereas for the assessment year 2011-12, the Tribunal had granted stay of demand vide order dated 27/02/2017 in SP No.35/Bang/2017 granting stay of demand of Rs.7,85,03,591/-. Thus non-disposal of appeal is not attributable to the assessee-company. As regards assessment year 2013-14, it is an application for stay of demand. It was further submitted that in the assessment year 2009-10, out of total demand of Rs.12,75,72,746/- assessee-company had already paid Rs.6,78,08,400/- constituting 53% of the total demand raised and for the assessment year 2011-12, out of total demand of Rs.1,18,50,390/-, Rs.3,35,94,458/- was paid constituting 45% of the total demand raised. As regards assessment year 2013-14, out of total demand of Rs.7,98,00,52/- an amount of Rs.1,50,00,000/- was paid constituting 19% of the total demand. Thus it is prayed that since substantial amount for the assessment years 2009-10 and 2011-12 has been paid, balance demand may be stayed. As regards assessment year 2013-14, the assessee-company had fairly agreed to a pay a sum of Rs.2 crores on or before 01/02/2018.
On the other hand, ld. DR had not controverted the submissions made by the assessee-company.
2. Having heard the rival submissions and perusing material on record, we are of the considered opinion that balance demand should be stayed subject to payment of Rs.2 crores for assessment year 2013-14 on or before 01/02/2018 up to the period of 31/03/2018. We direct the registry to post all the appeals for hearing on 05/02/2018 on which date assessee-company shall not seek adjournment from hearing of the appeal without any just and reasonable cause. The stay order shall cease to operate, in case assessee-company seeks adjournment from hearing of the appeal any without any just and reasonable cause.
SP Nos.12 to 14/Bang/2018 Page 3 of 3
4. In the result, the stay petitions are allowed on the above lines.
Order pronounced in the open court on 18th January, 2018 Sd/- sd/-
(SUNIL KUMAR YADAV) (INTURI RAMA RAO)
JUDICIAL MEMBER ACCOUNTANT MEMBER
Place : Bengaluru.
D a t e d : 18/01/2018
srinivasulu, sps
Copy to :
1 Appellant
2 Respondent
3 CIT(A)
4 CIT
5 DR, ITAT, Bangalore.
6 Guard file
By order
Senior Private Secretary
Income-tax Appellate Tribunal
Bangalore