Income Tax Appellate Tribunal - Chennai
Hanon Automotive Systems India Pvt. ... vs Dcit Corporate Circle 2(2), Chennai on 12 April, 2019
आयकर अपीलीय अिधकरण, 'डी' ायपीठ, चे ई
IN THE INCOME TAX APPELLATE TRIBUNAL , 'D' BENCH, CHENNAI
ी जॉजमाथन, ाियक सद एवं ी एस.जयरामन, लेखा सद के सम$
BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER
AND SHRI S.JAYARAMAN, ACCOUNTANT MEMBER
Stay Petition No.122/Chny/2019
(In IT (TP)A No.93/Chny/2018)
िनधारणवष/Assessment Year : 2014-15
M/s Hanon Automotive Systems Vs The Joint Commissioner of
India Pvt.Ltd Income Tax,(OSD)
Keelakaranin Village, Corporate Circle-2(2)
Malrosapuram Post, Chennai.
Maraimalai Nagar,
Chengalpattu-603 204.
PAN: AAAC M6890R
( ाथ क /Petitioner) ( यथ /Respondent)
ाथ क /Petitioner by : Mr.S.P.Chidambaram,
Advocate
यथ क ओरसे/Respondent by : Ms.M.Subashri, JCIT
सुनवाईक तार ख/Da t e of he ar in g : 12.04.2019
घोषणाक तार ख /D at e of Pr on oun c e m ent : 12.04.2019
आदे श/O R D E R
Per S.JAYARAMAN, AM:
The assessee, M/s.Hanon Automotive Systems India Pvt. Ltd., filed this stay petition seeking stay of recovery of demand. It is submitted that assessee had entered into international transactions with its AEs. The TPO made downward adjustment to the value of international transactions entered into by the assessee for fees paid towards certain services under management and administrative service fees. Further, the AO also made a disallowance u/s.36(1)(vii). Aggrieved, the assessee filed its objections before the DRP. The DRP 2 S.P.No.122 /Chny/2019 dismissed the objections. Aggrieved against the final order passed by the AO, the assessee filed an appeal before this Tribunal which is pending for hearing. The assessee pleaded that it can put forth a strong case before the Tribunal and the issues involved are very contentious and, prima-facie, the case is in its favour and, therefore, the demand may be kept in abeyance till the disposal of appeal. Per contra, Ld. DR opposed for grant of stay, since the assessee has availed the services of DRP.
2. We heard rival submissions. In our opinion having regard to the facts of the case, the balance of convenience, the financial capacity of the assessee etc., we deem that this is not a fit case for grant of absolute stay. The assessee is accordingly directed to pay ₹30 lakhs per month. The first installment shall be paid on or before 30.04.2019 and subsequent installment should be paid on or before 30th of every subsequent month. If the assessee fails to deposit the amounts of ₹30 lakhs per month within the stipulated period, the stay granted shall stand vacated automatically. The appeal is already posted for hearing on 28.05.2019. Issue of notice of hearing is dispensed with. The assessee shall actively pursue the appeal for early disposal. 3 S.P.No.122 /Chny/2019
3. With the above observation, the Stay Petition filed by the assessee stands partly allowed.
Order pronounced in the open court on 12th April, 2019 Sd/- Sd/-
(जॉज माथन) (एस.जयरामन)
(George Mathan) (S.Jayaraman)
( या यक सद य /Judicial Member) (लेखा सद य / Accountant Member)
चे नई/Chennai,
!दनांक/Dated 12th April, 2019
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आदे श क त%ल&प अ)े&षत/Copy to:
1. Petitioner 2. Respondent 3. आयकर आयु*त (अपील)/CIT(A)
4. आयकर आयु*त/CIT 5. &वभागीय त न/ध/DR 6. गाड2 फाईल/GF