Income Tax Appellate Tribunal - Bangalore
M/S Emc Software And Services India ... vs Joint Commissioner Of Income Tax ... on 25 January, 2019
IN THE INCOME TAX APPELLATE TRIBUNAL
BANGALORE BENCH "C"
BEFORE SHRI A.K. GARODIA, ACCOUNTANT MEMBER AND
SHRI LALIET KUMAR, JUDICIAL MEMBER
S.P. No. &
Petitioner Respondent
ITA No.
16/Bang/2019 M/s. EMC Software and Services The JCIT
(In IT(TP) A India Pvt. Ltd., Special Range - 2
No.3375/Bang/2018) Bagmane Developers Private Ltd. Bangalore.
(A.Y. 2014 - 15) SEZ,
Marathahalli Ring Road,
Doddanekkundi village,
Bangalore- 560037.
PAN : AABCT0199B
Assessee By : Shri Sharath Rao, C. A.
Revenue By : Dr. Pradeep Kumar, Addl. CIT DR
Date of Hearing :25.01.2019.
Date of Pronouncement :25.01.2019.
O R DE R
Per Shri A. K. Garodia, A.M. :
The assessee has filed this stay petition seeking stay of disputed outstanding demand of Rs. 116,11,25,130/- for A. Y. 2014 - 15 .
2. In course of hearing of this stay petition, it was submitted by the learned AR of the assessee that the AO in computing the demand has considered TDS of Rs. 669,320/- only but the correct figure is Rs. 770,301/-. He further submitted that the AO has considered the MAT credit at NIL as against the amount of MAT credit available as per the assessee of Rs. 21,44,83,587/-. Thereafter, he submitted that the AO has considered the Advance tax payment made by the assessee at Rs. 7 Crores only as against the amount of Advance tax paid by the assessee as per the assessee of Rs. 28,74,70,100/-. He submitted that the assessee has already made a rectification petition to the AO for these inaccuracies and the same is pending. He pointed out that once these are rectified, the amount of net tax demand will come down to Rs. 31,11,94,728/- as against the tax demand raised by the AO of Rs. 74,32,49,396/-. He further submitted that interest demand will also be substantially reduced because of these corrections. He submitted a working and pointed out that net demand after these corrections including interest will be only of Rs.
2 S.P. No.16/Bang/2019(in IT(TP)A No. 3375/Bang/2018) 48,21,03,060/-.He submitted that the assessee is ready to make payment of Rs. 21 Crores in three installments and subject to this condition, stay should be granted. He pointed out that at present the appeal is fixed for hearing on 26.06.2019 but the same may be preponed. Learned DR opposed granting of stay.
3. We have considered the rival submissions and in view of the facts discussed above, it is seen that the as per the working of the assessee in respect of demand position after rectification pending before the AO, the demand including interest will go down to Rs. 48,21,03,060/-. We have not checked the accuracies of this calculation by the assessee and we do not comment about the allowability of various rectification pointed out by the assessee on pages 168 & 178 of the stay petition but the learned DR of the revenue has also not pointed out any inaccuracy in the same. Hence, we feel that in the facts of the present case, it is a fit case to grant stay subject to this condition that the assessee will make payment of Rs. 21 Crores payable in three equal installments of Rs. 7 Crores each payable on 5th February, 2019, 22nd February 2019 and 15th March, 2019. Subject to this condition, we grant stay for six months or disposal of the appeal whichever is earlier. The hearing of the appeal is preponed to 18.03.2019 and since this date of hearing is pronounced in open court, no notice of hearing is required to be issued. We also make it clear that the assessee should not seek adjournment in course of hearing of this appeal without justifiable reasons and if the assessee does so, the stay granted as per this order shall stand vacated automatically.
4. In the result, the Stay petition filed by the assessee is allowed. Order pronounced in the open court on the date of hearing on conclusion of the hearing.
Sd/- Sd/- (LALIET KUMAR) (A. K. GARODIA) Judicial Member Accountant Member Bangalore, Dated: 25.01.2019. MS* 3 S.P. No.16/Bang/2019 (in IT(TP)A No. 3375/Bang/2018) Copy to: 1. Appellant 4. CIT(A) 2. Respondent 5. DR, ITAT, Bangalore 3. CIT 6. Guard file By order Assistant Registrar, Income Tax Appellate Tribunal, Bangalore.