Income Tax Appellate Tribunal - Mumbai
Icici Securities Ltd, vs Dcit 4(1), on 24 February, 2017
आयकर अपीलीय अधिकरण " आई " न्यायपीठ मुंबई में।
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH "I", MUMBAI BEFORE SHRI BR BASKARAN, ACCOUNTANT MEMBER AND SHRI CN PRASAD, JUDICIAL MEMBER STAY APPLICATION NO.89/Mum/ 2017 arising out of ITA NO. 739/MUM/2016 (A.Y : 2010 - 11) M/s ICICI Securities Ltd. Vs. Dy. CIT - 4(1) ICICI Centre, H.T. Parekh Marg Mumbai Churchgate Mumbai - 400 020 PAN : AAACI0996E (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent) अपीलार्थी की ओर से / Appellant by : Ms Ritu Punjabi & Ms Krupa R Gandhi प्रत्यर्थी की ओर से Respondent by : Shri Vishwas Mundhe सुनवाई की तारीख / Date of Hearing : 24/02/2017 घोषणा की तारीख Date of Pronouncement : 24/02/2017 आदे श / O R D E R PER C.N.PRASAD (J.M.) :
This stay application is filed by the Assessee for extension of stay of outstanding demand of Rs.3.71 crores for the assessment year 2010-11.
2. The Ld. Counsel for the Assessee submits that the Co-ordinate Bench by order dated 26.08.2016 granted stay of outstanding demand for a period of 180 2 M/s ICICI Securities Ltd.
SA 89/Mum/2017 arising out of ITA No.739/Mum/2016 days or till disposal of appeal whichever is earlier subject to payment of Rs.20 lakhs by 15.09.2016. The Ld. Counsel submits that the Assessee has complied with the directions of the Tribunal and paid Rs.20 lakhs on 15.09.2016. The Ld. Counsel submits that as on today 64% of the demand was already paid. The Ld. Counsel for the Assessee further submits when the matter came up for hearing on 02.11.2016, it was submitted that the appeals for the assessment year 2005-06 and 2006-07 were heard on 11.08.2016 and since this is a stay granted matter, it was submitted before the Bench that the matter may be disposed of with the directions that whatever is held for earlier years in respect of common grounds may be followed for this assessment year. The Ld. Counsel submits that the Hon'ble Bench was not inclined to dispose of the stay granted matter till the outcome of the appeals for the assessment years 2005-06 and 2006-07 and the matter was adjourned to 03/11/2016 till the appeals for the other remaining assessment years 2007-08 to 2009-10 were disposed of and therefore all the remaining appeals for the assessment years 2007-08 to 2010-11 were adjourned to 03.11.2016. It was submitted that on 03.11.2016, the Counsel was not well, therefore could not appear and the matter was adjourned to 16.11.2016. On 16.11.2016, an adjournment was sought by the Ld. DR and the appeals for the assessment years 2007-08 to 2010- 11 were adjourned to 07.12.2016. It was submitted that when the matter came up for hearing on 07.12.2016 since the outcome of the appeals for the assessment years 2005-06 and 2006-07 has bearing on the other appeals including the stay granted matter, the Bench adjourned the matters to 16.01.2017. The Ld.Counsel for the Assessee submits that from 16.01.2017, the 3 M/s ICICI Securities Ltd.
SA 89/Mum/2017 arising out of ITA No.739/Mum/2016 appeals were adjourned to 01.03.2017 for the reason that the outcome of the appeal in the case of ICICI Web Trade Ltd. which was later merged with Assessee for 2006-07 bearing ITA No.5798/Mum/2010 was awaited as one of the major issues involved in the Assessee Company for the assessment year 2007-08 could have a bearing on the relevant ground for each of the assessment years 2007-08 to 2010-11. Therefore, the Ld. Counsel submitted that the appeals could not be heard for the above reasons and therefore requested for extension of stay of outstanding demand.
3. The Ld. DR vehemently opposed for granting extension of stay of demand.
4. We have heard the rival submissions, perused the orders of the Co- ordinate Benches granting stay of outstanding demand on earlier occasions and the order sheet notings. We find from the earlier order dated 26.08.2016, the outstanding demand was stayed subject to payment of Rs.20 lakhs by the Assessee. We have perused the challan produced before us, wherein the Assessee has complied with the directions by paying Rs.20 lakhs on 15.09.2016 towards tax demand for the assessment year 2010-11. We have also perused the order sheet notings and find that on 02.11.2016 and 03.11.2016, the appeals were adjourned at the request of the Assessee and when the matter was posted on 16.11.2016, the Ld. DR requested for adjournment. When the matter was posted on 02.12.2016, it was submitted that the appeal for the assessment year 2006-07 was heard, there are connected grounds. Since there are connected grounds, the Tribunal adjourned the appeal to 16.01.2017. Again 4 M/s ICICI Securities Ltd.
SA 89/Mum/2017 arising out of ITA No.739/Mum/2016 on 16.01.2017, the Assessee requested for adjournment. Therefore, we find that the details of hearing and the events happened on various dates of hearing stated by the Assessee appears to be not completely true. Nevertheless since the Assessee has paid more than 64% of the tax demand, we are inclined to stay the outstanding demand for a period of 180 days or till disposal of appeal whichever is earlier. We make it clear that in the event of Assessee seeking adjournment without sufficient cause, the stay granted shall automatically gets vacated and the revenue is at liberty to recover the outstanding demand.
5. In the result, the stay application filed by the Assessee is allowed subject to the condition indicated above.
Order pronounced in the open court on the 24th day of February 2017.
Sd/- Sd/- BR BASKARAN C.N.PRASAD ले खा सदस्य / न्याधयक सदस्य / ACCOUNTANT MEMBER JUDICIAL MEMBER
मुुंबई / Mumbai; दिनाुं क / Dated 24/02/2017 LR, SPS 5 M/s ICICI Securities Ltd.
SA 89/Mum/2017 arising out of ITA No.739/Mum/2016 आदे श की प्रधिधलधप अग्रे धिि / Copy of the Order forwarded to :
1. अपीलार्थी / The Appellant
2. प्रत्यर्थी / The Respondent.
3. आयकर आयुक्त(अपील) / The CIT(A), Mumbai.
4. आयकर आयुक्त / CIT
5. दवभागीय प्रदतदनदि, आयकर अपीलीय अदिकरण, मुुं बई / DR, ITAT, Mumbai
6. गार्ड फाईल / Guard file.
सत्यादपत प्रदत //True Copy// आदे शानसार/ BY ORDER, सहायक पुं जीकार (Asstt. Registrar) आयकर अपीलीय अधिकरण, मुुं बई / ITAT, Mum