Income Tax Appellate Tribunal - Mumbai
First Advantage Quest Research Ltd, ... vs Dcit (It)2(3)(1), Mumbai on 6 October, 2017
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S.A. No. 443/Mum/2017 Arising out of ITA No. 1546/Mum/2017
First Advantage Quest Research Ltd., Vs. DCIT
IN THE INCOME TAX APPELLATE TRIBUNAL "K" BENCH, MUMBAI
BEFORE SHRI G.S PANNU, AM AND SHRI RAVISH SOOD, JM
S.A No. 443/Mum/2017
(Arising out of ITA No. 1546/Mum/2017)
(निर्धारण वषा / Assessment Year:2012-13)
First Advantage Quest Research The Deputy Commissioner
Ltd., C/o Interface Building No.7 of Income Circle-2(3)(1),
1st Floor, Link Road, बिधम/
Room No. 1702, 17th Floor,
Malad West, Mumbai-400 064 Vs. Air India Bldg, Nariman
Point, Mumbai- 400021
स्थायी लेखा सं ./ जीआइआर सं ./ PAN No. AABCF9162A
(अऩीराथी /Applicant) (प्रत्मथी / Respondent)
:
अऩीराथी की ओय से / Applicant by : Shri Hitesh Chande, A.R
प्रत्मथी की ओय से/Respondent by : Shri Saurabh Deshpande, D.R
सुनवाई की तायीख / : 06.10.2017
Date of Hearing
घोषणा की तायीख / : 06.10.2017
Date of Pronouncement
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S.A. No. 443/Mum/2017 Arising out of ITA No. 1546/Mum/2017
First Advantage Quest Research Ltd., Vs. DCIT
आदे श / O R D E R
PER RAVISH SOOD, JUDICIAL MEMBER:
The assessee by filing the present application had sought an extension of the stay of demand of Rs.11,71,64,040/-. The application for stay of demand marked as S.A. No. 443/Mum/2017, arises from the ITA No. 1546/Mum/2017 filed by the assessee before the Tribunal, which is pending disposal as on date.
2. That at the very outset it was submitted by the ld. Authorized Representative (for short 'A.R') for the assessee that earlier the Tribunal had granted stay of demand vide its order dated 07.04.2017, subject to the condition that the assessee would deposit a sum of Rs.1.50 crore on or before 30.04.2017, and a further sum of Rs.1.50 crore on or before 31.05.2017. It was submitted by the ld. A.R that in due compliance to the directions of the Tribunal the amount aggregating to Rs.3 crores was deposited by the assessee within the stipulated time period, and resultantly the outstanding demand in the hands of the assessee stood reduced to Rs.11,71,64,040/-. It was submitted by the ld. A.R that the hearing of the appeal is fixed for 09.10.2017, but however, as the stay granted by the Tribunal had expired, therefore, the department was pressing hard for the recovery of the outstanding demand. The ld. A.R taking us to the facts of the case submitted that the demand had surfaced mainly on account of the incorrect perpetuated growth rate affect applied by the A.O. It was submitted by the ld. A.R that the A.O/TPO/DRP had erred in applying the growth rate of 7% by taking GDP of the country as against the benchmark for the specific company valuation. It was submitted by the ld. A.R that in the backdrop of the aforesaid facts, now when the assessee had duly complied with the directions of the Tribunal and Page |3 S.A. No. 443/Mum/2017 Arising out of ITA No. 1546/Mum/2017 First Advantage Quest Research Ltd., Vs. DCIT had deposited an amount of Rs.3 crores as directed by the Tribunal while granting the stay demand on 07.04.2017 and the hearing of the appeal in itself was fixed on 09.10.2017, therefore, in all fairness the stay of demand granted to the assessee may therein be extended. Per contra, the ld. D.R objected to the extension of the stay of demand to the assessee applicant.
3. We have heard the authorized representatives for both the parties and find that the Tribunal had earlier granted stay of demand to the assessee on 07.04.2017, subject to the condition that an amount of Rs.3 crores be deposited by way of two instalments, viz. an amount of Rs.1.50 crore on or before 30.04.2017 and a further sum of Rs.1.50 crore on or before 30.05.2017. We find that the assessee in due compliance to the directions of the Tribunal had deposited the aforesaid amount aggregating to Rs.3 crores well within the stipulated time period. We further find that the assessee had duly cooperated during the course of the hearing of the appeal before the Tribunal, which now stands fixed for 09.10.2017. We have given a thoughtful consideration and are of the considered view that in the backdrop of the aforesaid facts, now when the assessee had duly complied with the directions of the Tribunal and deposited an amount of Rs.3 crores in the government exchequer, and the hearing of the appeal is in itself fixed for 09.10.2017, therefore, in all fairness the application of the assessee seeking extension of the stay of merits acceptance. We thus, extend the stay of the recovery proceedings of the outstanding demand of Rs.11,71,64,040/- by a period of one hundred and eighty days from the date of this order or the disposal of the appeal, whichever is earlier. We may however clarify that the assessee shall not seek adjournment on the fixed date of hearing, except for unexceptional Page |4 S.A. No. 443/Mum/2017 Arising out of ITA No. 1546/Mum/2017 First Advantage Quest Research Ltd., Vs. DCIT circumstances. That in case if the assessee seeks adjournment, then the stay shall stand vacated. Stay is granted accordingly.
4. The stay application filed by the assessee is allowed in terms of our aforesaid observations.
Order pronounced in the open court on .10.2017.
Sd/- Sd/-
(G.S.Pannu) (Ravish Sood )
Accountant Member Judicial Member
भुंफ
ु ई Mumbai;ददनाुंक 06.10.2017
आदे श की प्रनिलऱपि अग्रेपषि/Copy of the Order forwarded to :
1. अऩीराथी / The Appellant
2. प्रत्मथी / The Respondent.
3. आमकय आमुक्त(अऩीर) / The CIT(A)-
4. आमकय आमुक्त / CIT
5. ववबागीम प्रतततनधध, आमकय अऩीरीम अधधकयण, भुंफ ु ई/ DR, ITAT, Mumbai
6. गार्ड पाईर / Guard file.
सत्मावऩत प्रतत //True Copy// आदे शधिुसधर/ BY ORDER, उि/सहधयक िंजीकधर (Dy./Asstt. Registrar) आयकर अिीऱीय अधर्करण, भुुंफई / ITAT, Mumbai Page |5 S.A. No. 443/Mum/2017 Arising out of ITA No. 1546/Mum/2017 First Advantage Quest Research Ltd., Vs. DCIT