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Income Tax Appellate Tribunal - Bangalore

M/S. Makino India Private Limited, ... vs Assistant Commissioner Of Income Tax, ... on 18 April, 2018

            IN THE INCOME TAX APPELLATE TRIBUNAL
                    'A' BENCH, BANGALORE


   BEFORE SHRI SUNIL KUMAR YADAV JUDICIAL MEMBER
                         and
      SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER

                         SP No.146/Bang/2018
                     (In IT(TP)A No.3/Bang/2012)
                      (Assessment year: 2007-08)

M/s.Makino India Pvt. Ltd.
No.11, EPIP, K.R. Puram,
Bengaluru.                                           ...    Petitioner
PAN: AACCM6536A

     Vs.

Asst.t Commissioner of Income-tax,
Circle-4(1)(2) ,
Bengaluru.                                           ... Respondent


   Petitioner by     : Shri T.Suryanarayana, Advocate.
    Revenue by       : Shri B.R.Ramesh, JCIT(DR).

                   Date of hearing : 18/04/2018
           Date of pronouncement : 18/04/2018

                             O R D E R

Per INTURI RAMA RAO, AM :

This petition is filed by the assessee-company seeking stay of demand of Rs.1,42,38,257/- for the assessment year 2007-08. It is submitted that the demand in question had arisen on account of arm's length price adjustment made u/s 92CA of the Income-tax Act, 1961 [hereinafter referred to as 'the Act' for short]. It is submitted that the appeal was heard on 29/01/2018 and the orders are awaited. It is further submitted that the assessee had already paid 50% of the demand out of the original demand raised, the Assessing Officer, without issuing prior notice, initiated garnishee proceedings for recovery of the demand. In the above circumstances, it is prayed that the demand may be stayed.

2. We heard rival submissions and perused the material on record. Since the appeal was already heard by this Bench and 50% of the demand already been paid, we are of the considered opinion that it is a fit case to stay the balance demand till disposal of the appeal.

3. In the result, the stay petition is allowed.

Order pronounced in the open court on this 18th April, 2018 Sd/- Sd/-

 (SUNIL KUMAR YADAF)                          (INTURI RAMA RAO)
  JUDICIAL MEMBER                            ACCOUNTANT MEMBER
Place      : Bangalore
D a t e d : 18/04/2018

srinivasulu, sps

Copy to :

       1    Appellant
       2    Respondent
       3    CIT(A)-II Bangalore
       4    CIT
       5    DR, ITAT, Bangalore.
       6    Guard file
                                                      By order

                                                Senior Private Secretary

Income-tax Appellate Tribunal Bangalore