Income Tax Appellate Tribunal - Mumbai
First Advantage Quest Research Ltd, vs Dcit (It) 2(3)(1), on 7 April, 2017
IN THE INCOME TAX APPELLATE TRIBUNAL "F " BENCH, MUMBAI
BEFORE SRI MAHAVIR SINGH, JM AND SRI N.K. PRADHAN, AM
SA No. 218/Mum/2017
(In ITA No. 1547/Mum/2017)
(A.Y:2012-13)
First Advantage Indian Holding Dy. Commissioner of Income Tax
LLC Circle 2(3)(1)
C/o Interface Bldg No.7, 1 s t Floor, Room No. 1702, 17 t h Floor, Air
Vs.
Link RD, Malad (W) India Bldg, Nariman Point.
Mumbai-400064 Mumbai-400021
PAN No.AABCF9161D
Appellant .. Respondent
SA No. 219/Mum/2017
(In ITA No. 1546/Mum/2017 )
(A.Y:2012-13)
First Advantage Quest Research Dy. Commissioner of Income Tax
Ltd. Circle 2(3)(1)
C/o Inteface Bldgn No. 7 1 s t Floor, Room No. 1702, 17 t h Floor, Air
Vs.
Link RD, Malad (W) India Bldg, Nariman Point.
Mumbai-400064 Mumbai-400021
PAN No.AABCF9162A
Appellant .. Respondent
Assessee by .. Bishan Thakhar, AR
Revenue by .. K Ravi. Kiran, Sr. DR
Date of hearing .. 07-04-2017
Date of pronouncement .. 07-04-2017
ORDER
PER MAHAVIR SINGH, JM:
By way of these two stay applications of, the assessee in First Advantage Holding LLC, Mumbai in SA No. 218/Mum/2017 arising out of ITA No. 1547/Mum/2017 has requested for stay of balance demands of 3,71,53,120/-. Similarly, in the case of the First Advantage Quest Research Ltd. in SA No. 219/Mum/2017 arising out of ITA No. 1546/Mum/2017 for the AY 2012-13 has requested for stay of outstanding demand of Rs. 14,71,64,040/-.
2. At the outset the learned Counsel for the assessee stated that facts and circumstances are exactly identical in both the case and the issue is mainly on the 2 SA No. 218 & 219/ Mum /2017 First Advantage Indian Holding LLC First Advantage Quest Research Ltd.
incorrect perpetuated growth rate affect applied by the AO. He submitted that the AO / TPO / DRP has erred in applying the gross rate of 7% by taking GDP of the country as against the Benchmark for specific company valuation. When a query was put to the learned Counsel for the assessee by the Bench, he stated that the financial conditions of the assessee company are reasonable and for this he offered in the case of First Advantage Indian Holdings LLC, Mumbai a sum of Rs. 50 lakhs on or before 30th April 2017 and a further sum of Rs 50 lakhs on or before 31st May 2017. Similarly, in the case of First Advantage Quest Research Ltd., Mumbai a sum of Rs 1.50 crores will be paid on or before 30th April 2017 and a further sum of Rs 1.50 crore on or before 31st May 2017. However, the learned Sr. DR opposed granting of stay.
3. After hearing the rival contentions and going through the facts of the case, we are inclined to grant stay in term of the offer made by the learned Counsel for the assessee. The first assessee i.e. First Advantage Indian Holdings LLC, Mumbai will pay a sum of Rs. 50 lakhs on or before 30th April 2017 and in sum of Rs. 50 lakhs on or before 31st May 2017. In the case of second assessee i.e. First Advantage Quest Research Ltd., Mumbai assessee will pay a sum of Rs. 1.50 crores as on 30th April 2017 and a further sum of Rs. 1.50 crore on or before 31st May 2017. The appeal is fixed for hearing on 22nd June 2017. The assessee will not ask for adjournment on the fixed date of hearing, except in exceptional circumstances, and in the case of he seeks adjournment, the stay will be vacated. Stay is granted accordingly.
4. In the result, the stay application is allowed in term of the above.
Order pronounced in the open court on 07-04-2017.
Sd/- Sd/-
(N.K. PRADHAN) (MAHAVIR SINGH)
ACCOUNTANT MEMEBR JUDICIAL MEMBER
Mumbai, Dated: 07-04-2017
Sudip Sarkar /Sr.PS
3
SA No. 218 & 219/ Mum /2017
First Advantage Indian Holding LLC
First Advantage Quest Research Ltd.
Copy of the Order forwarded to:
1. The Appellant
2. The Respondent.
3. The CIT (A), Mumbai.
4. CIT
5. DR, ITAT, Mumbai
6. Guard file.
//True Copy// BY ORDER,
Assistant Registrar
ITAT, MUMBAI