Income Tax Appellate Tribunal - Delhi
The Bank Of Tokyo Mistubishi Ufj Ltd.,, ... vs Dcit (International Taxation), New ... on 31 March, 2017
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCHES : FRIDAY/G : NEW DELHI
BEFORE SHRI R.S. SYAL, AM & SHRI I.C. SUDHIR, JM
Stay Appln. No.410/Del/2016
(ITA No.4548/Del/2016)
Assessment Year : 2008-09
The Bank of Tokyo Mitsubishi UFJ Vs. DCIT (International
Ltd., Taxation,
5th Floor, Worldmark-2, Circle-3(1)(1),
Asset 8, Aerocity, NH-8, New Delhi.
New Delhi.
PAN: AABCT3880D
(Applicant) (Respondent)
Assessee By : Shri Sandeep S. Karhail, Advocate
Department By : Shri Rajesh Kumar, Sr.DR
Date of Hearing : 31.03.2017
Date of Pronouncement : 31.03.2017
ORDER
This Stay Application has been filed by the assessee requesting for stay on outstanding demand of Rs.42,56,74,175/- for the A.Y. 2008-09.
Stay Appln. No.410/Del/2016
2. During the pendency of proceedings of this application, it was stated by the ld. AR that rectification application has been filed with the AO, which will have bearing on the outstanding demand. The matter was adjourned from time to time enabling the AO to pass order on such application. Now it has been intimated that after passing the order u/s 154, the outstanding demand, has come down to Rs.20.30 crore. This position was not controverted by the ld. DR. The ld. AR further submitted that the issue of ECB interest has been decided in earlier years in the assessee's favour. A copy of such order passed by the Tribunal was placed on record. He submitted that if demand on account of ECB interest is also excluded, the outstanding demand comes to Rs.8.86 crore. This has also not been denied on behalf of the Revenue.
3. On an earlier occasion, the assessee filed details of the refunds due to it. The Bench directed the ld. DR to get the status of such refunds checked up. A letter dated 22.03.2017 from the Assessing Officer has been placed on record giving details of refunds for certain years. This letter also states, vide para 3, that refund of the assessee for the 2 Stay Appln. No.410/Del/2016 assessment year 2007-08 amounting to Rs.2,48,25,125/- has been determined and sent for approval to the CIT, New Delhi.
4. The ld. AR did not raise any objection to the adjustment of such refund of Rs.2.48 crore against the outstanding demand of Rs.8.86 crore. In these circumstances, we grant stay for a period of six months or till the disposal of the appeal, whichever is earlier subject to the adjustment of refund of Rs.2.48 crore as discussed above, which will account for more than 25% of the remaining outstanding demand after the above adjustments. The assessee, on request, is also granted an early hearing in the matter for 05.07.2017. However, the accommodation given in this order 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 adjournment without a just cause. In case any of the terms and conditions is/are violated, the stay herein granted shall be vacated and appeal shall revert to its original position to be fixed in routine manner. With these 3 Stay Appln. No.410/Del/2016 observations, and subject to the above terms and conditions, the stay application of the assessee gets disposed of accordingly.
5. In the result, the stay application is allowed.
The order pronounced in the open court on 31.03.2017.
Sd/- Sd/-
[I.C. SUDHIR] [R.S. SYAL]
JUDICIAL MEMBER ACCOUNTANT MEMBER
Dated, 31st March, 2017.
dk
Copy forwarded to:
1. Appellant
2. Respondent
3. CIT
4. CIT (A)
5. DR, ITAT AR, ITAT, NEW DELHI.
4