Income Tax Appellate Tribunal - Delhi
Nikon India Pvt. Ltd., Gurugram vs Dcit, Gurgaon on 14 February, 2017
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH: 'I-1' NEW DELHI
BEFORE SHRI R. S. SYAL, AM & SHRI KULDIP SINGH, JM
S.A. No.80/Del/2017
(In I.T.A No.719/Del/2017)
Assessment Year : 2012-13
Nikon India Pvt. Ltd., Vs DCIT,
Plot No.71, Sector-32, Circle-3,
Institutional Area, Gurgaon.
Gurugram.
PAN: AACCN5100F
(Applicant) (Respondent)
Assessee by: Shri Vishal Kalra, Shri Gaurav Gupta
& Shri Ankit Sahni, Advocates
Revenue by: Shri Neeraj Kumar, Sr. DR
Date of Hearing 14.02.2017
Date of Pronouncement 14.02.2017
ORDER
PER R. S. SYAL, AM:
By means of the present stay application, the assessee requires the Tribunal to stay demand of Rs.26.95 crore inclusive of interest for the A.Y. 2012-13 till the disposal of the captioned appeal by the Tribunal.
2. The ld. AR submitted that the issue raised in this appeal is identical to the one raised in the appeal for the immediately preceding assessment year 2 SA No. 80/Del/2017 2011-12. A copy of the order passed by the Tribunal for such earlier year was placed on record by which the matter was restored to the AO. A consequential order giving effect to the Tribunal order, passed by the AO dated 10.11.2016 has been placed on record, in which the entire addition has been deleted. It was, therefore, prayed that stay be granted. On the other hand, the ld. DR opposed the stay application.
3. Considering the totality of facts and circumstances of the instant case, we find that the assessee has successfully made out a prima facie case. It has been demonstrated that similar addition made for the immediately preceding year has been deleted by the AO in the second round. No distinction in facts or law qua that issue has been brought to our notice by the ld. DR. In such circumstances, we are satisfied about the ex facie case in favour of the assessee and as such are inclined to grant stay for a period of six months or till the disposal of appeal, whichever is earlier. An announcement to this effect was made in the open court on the conclusion of hearing. The appeal is directed to be fixed for hearing on 28.03.2017. However, this accommodation is subject to furnishing of undertaking to the satisfaction of the Assessing Officer to the effect that assessee will not alienate or dispose of any of its immovable properties till the final disposal of the present appeal. The assessee shall also not be entitled to seek any 3 SA No. 80/Del/2017 adjournment without just cause. In case any of the terms and conditions is/are violated, the stay herein granted shall be vacated by the Bench and appeal shall revert to its original position to be fixed in routine manner. With these observations, and subject to the above terms and conditions, the stay application of the assessee gets disposed of accordingly.
4. In the result, the stay application is allowed in above terms.
Order pronounced in the open Court at the time of hearing i.e. on 14.02.2017.
Sd/- Sd/-
(KULDIP SINGH) (R. S. SYAL)
JUDICIAL MEMBER ACCOUNTANT MEMBER
Dated: 14.02.2017
dk
Copy forwarded to:
1. Appellant
2. Respondent
3. CIT
4. CIT(Appeals)
5. DR: ITAT
ASSISTANT REGISTRAR