Income Tax Appellate Tribunal - Delhi
Ion Trading India P.Ltd, New Delhi vs Acit, Circle-10(1), New Delhi on 18 November, 2022
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH 'I', NEW DELHI
Before Sh. Kul Bharat, Judicial Member
Dr. B. R. R. Kumar, Accountant Member
SA No. 378/Del/2022
(In ITA No. 2055/Del/2022)
Asstt. Year : 2018-19
ION Trading India P. Ltd, Vs ACIT,
A-136, Defence Colony, South Circle-10(1),
Delhi, New Delhi New Delhi
(APPELLANT) (RESPONDENT)
PAN No. AAECA4325R
Assessee by : Sh. Himanshu Sinha, Adv
Sh. Bhuwan Dhopper, Adv
Revenue by : Shri Kanav Bali, Sr. DR
Date of Hearing: 18.11.2022 Date of Pronouncement: 18.11.2022
ORDER
Per Dr. B. R. R. Kumar, Accountant Member:
1. The present stay application is filed by the assessee.
2. Total tax demand of Rs. 5.21 crore has been raised by the revenue which includes tax of Rs. 3.18 crores and interest of Rs. 2.03 crores. The addition has been made on account of adjustment of ALP. The ld AO rejected two comparables on the grounds that these companies failed export income filter of 75%. The ld AR categorically argued that the export income is of 78.6% and 85.86% for these two companies. Notwithstanding these facts, the ld AR also Page | 1 submitted that rectification application has been pending before the revenue authorities and if the rectification is carried the demand would be nullified. Hence, we hereby grant stay of the demand till the rectification is carried on by the revenue. Accordingly, the stay petition is disposed off.
Order Pr onounc ed in the Open C ourt on 18/11/2022.
Sd/- Sd/-
(Kul Bharat) (Dr. B. R. R. Kumar)
Judicial Member Accountant Member
Dated: 18/11/2022
*Ajay Kumar Keot, Sr. PS*
Copy forwarded to:
1. Appellant
2. Respondent
3. CIT
4. CIT(Appeals)
5. DR: ITAT
ASSISTANT REGISTRAR
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