Income Tax Appellate Tribunal - Delhi
D.E. Shaw India Advisory Services Pvt. ... vs Dcit, New Delhi on 1 February, 2017
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH: 'I-2' NEW DELHI
BEFORE SHRI R. S. SYAL, ACCOUNTANT MEMBER
AND
SHRI K.N. CHARY, JUDICIAL MEMBER
S.A. No.473/Del/2016
(In I.T.A No.1681/Del/2015)
Assessment Year : 2010-11
D.E. Shaw India Advisory Vs DCIT,
Services Pvt. Ltd., Circle-7(1),
E-20, 1st & 2nd Floor, New Delhi.
Main Market, Hauz Khas,
New Delhi.
PAN: AABCE6097P
(Applicant) (Respondent)
Assessee by: Shri Kapil Hirani, CA &
Shri Darpan Kirpalani, Advocate
Revenue by: Shri T.M. Shivakumar, CIT, DR
Date of Hearing 01.02.2017
Date of Pronouncement 01.02.2017
ORDER
PER R. S. SYAL, AM:
By means of the present stay application, the assessee seeks extension of the stay originally granted by the Tribunal on 01.04.2015 as 2 SA No. 473/Del/2016 extended on 09.10.2015 and on 07.04.2016 in relation to the assessment year 2010-11.
2. The ld. AR submitted that the conditions stipulated, while granting original stay, were duly complied with and the delay in disposing of the appeal has not occurred due to the assessee. It was, therefore, prayed that the stay hitherto granted may be extended. The ld. DR opposed the extension of stay.
3. We have heard the parties and perused the relevant material on record. The Hon'ble Delhi High Court in Pepsi Foods Pvt. Ltd vs. ACIT (2015) 376 ITR 87 (Del) has held that the third proviso to section 254(2A) is constitutionally invalid. The net effect of this judgment is that if the appeal could not be disposed of by the Tribunal for no fault of the assessee, then the power vests with the Tribunal to extend the stay beyond the aggregate period of 365 days.
4. On merits, it is indisputably found that the terms of stay originally granted have been duly complied with. The appeal could not be finally 3 SA No. 473/Del/2016 heard for one reason or the other, but, for no fault of the assessee. Considering the entirety of the facts and circumstances of the instant case, we are inclined to grant extension of stay for a further period of six months from today or till the disposal of the appeal, whichever is earlier.
5. In the result, the stay application is allowed.
Order pronounced in the open Court on 01.02.2017.
Sd/- Sd/-
(K.N. CHARY) (R. S. SYAL)
JUDICIAL MEMBER ACCOUNTANT MEMBER
Dated: 01.02.2017
dk
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1. Appellant
2. Respondent
3. CIT
4. CIT(Appeals)
5. DR: ITAT
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