Income Tax Appellate Tribunal - Delhi
Leapfrog Financial Inclusion India ... vs Acit, Circle 2(2)(1), International ... on 20 March, 2023
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH 'D', NEW DELHI
Before Sh. Saktijit Dey, Judicial Member
Dr. B. R. R. Kumar, Accountant Member
SA No. 84/Del/2023
(in ITA No. 365/Del/2023 : Asstt. Year : 2019-20)
Leapfrog Financial Inclusion India (I) Vs ACIT,
Ltd., 2nd Floor, C/o Axis Fiduciary Circle-2(2)(1),
Ltd., The Axis 26 Cyber City, Ebene, International Taxation,
Mauritius-72201 New Delhi
(APPELLANT) (RESPONDENT)
PAN NO. AACCL8541Q
Assessee by : Sh. Deepak Chopra, Adv.
Sh. Anmol Anand, Adv.
Ms. Priya Tandon, Adv.
Revenue by : Sh. Sanjay Kumar, Sr. DR
Date of Hearing: 03.03.2023 Date of Pronouncement: 20.03.2023
ORDER
Per Dr. B. R. R. Kumar, Accountant Member:
Captioned application has been filed by the assessee seeking stay on recovery of outstanding demand pertaining to assessment year 2019-20.
2. Heard the arguments of both the parties and perused the material available on record.
3. The net demand of Rs.32.90 Cr. has been raised by the Revenue after denying the benefit under Article 13(4) of India- Mauritius Tax Treaty. It was argued that the assessee had a valid Tax Residency Certificate and their case is covered by the judgment of the Hon'ble Delhi High Court in the case of 2 SA No. 84/Del/2023 Leapfrog Financial Inclusion India (I) Ltd.
Blackstone Capital Partners (Singapore) Vi Fdi Three Pte. Ltd. Vs. ACIT (2023) 146 taxmann.com 569.
4. Having considered the prima facie case and gone through the financials of the assessee, we are of the view that this is not a fit case to grant absolute stay. However, we are inclined to grant conditional stay, subject to, payment of 20% of the outstanding demand on or before 31.03.2023. Upon payment of the amount, as directed, recovery of the balance demand shall be stayed for a period of 180 days from the date of this order or till the disposal of the appeal, whichever is earlier. Further, we direct the Registry to fix the appeal for hearing on 09.05.2023 on an out of turn basis. Paper books, if any, must be filed by the parties in the meanwhile. Since, the date of hearing of appeal was announced in the open court, there is no need for issuing separate hearing notices to the parties.
5. In the result, the Stay Application of the assessee is partly allowed.
Order Pronounced in the Open Court on 20/03/2023 .
Sd/- Sd/-
(Saktijit Dey) (Dr. B. R. R. Kumar)
Judicial Member Accountant Member
Dated: 20/03/2023
*Subodh Kumar, Sr. PS*
Copy forwarded to:
1. Appellant
2. Respondent
3. CIT
4. CIT(Appeals)
5. DR: ITAT
ASSISTANT REGISTRAR