Income Tax Appellate Tribunal - Mumbai
Crescent Marine Pte Ltd., Mumbai vs Acit, Circle - 2(1)(1), Mumbai on 6 December, 2019
1 SA No.468/Mum/2019 Crescent Marine Pte. Limited Assessment Year-2016-17 आयकर अपीलीय अिधकरण "आई" ायपीठ मुं बई म । IN THE INCOME TAX APPELLATE TRIBUNAL "I" BENCH, MUMBAI ी श जीत दे , ाियक सद एवं ी मनोज कुमारअ वाल, लेखा सद के सम । BEFORE SHRI SAKTIJIT DEY, JM AND SHRI MANOJ KUMAR AGGARWAL, AM Stay Application No.468/Mum/2019 (Arising out of I.T.A. No.7208/Mum/2019) ( नधा रणवष / Assessment Year: 2016-17) Crescent Marine Pte. Ltd. ACIT (International Taxation) C/o. SRBC & Associates LLP Range-2(1)(1) बनाम/ 16th Floor, The Ruby Air India Building, Nariman Point 29-Senapati Bapat Marg V s. Mumbai. Dadar (West), Mumbai-400 028. थायीले खासं . /जीआइआरसं . /PAN/GIR No. AAGCC-0618-R (अपीलाथ /Appellant) : ( यथ / Respondent) अपीलाथ क ओर से/ Appellant by : S/ Shri M.P. Lohia & Nikhil Tiwari-Ld. ARs यथ क ओरसे/Respondent by : Shri Vodol Raj Singh-Ld.DR सनु वाईक तार!ख/ : 06/12/2019 Date of Hearing घोषणा क तार!ख / : 06/12/2019 Date of Pronouncement 2 SA No.468/Mum/2019 Crescent Marine Pte. Limited Assessment Year-2016-17 आदे श / O R D E R Manoj Kumar Aggarwal (Accountant Member): -
1. By way of this Stay Application for Assessment Year [AY] 2016-17, the assessee seeks stay of outstanding demand of Rs.355.05 Lacs including interest of Rs.106.76 Lacs.
2. Drawing our attention to the stay petition, the Ld. Authorized Representative for Assessee [AR], Shri M.P.Lohia, submitted that the assessee is engaged in the business of provisions of vessels and services in connection with exploration of oil and gas in India. The receipts of the assessee were considered to be royalty and accordingly, brought to tax and tax demand was raised against the assessee. Aggrieved, the assessee has filed appeal before Tribunal which is pending for adjudication. The Ld. AR advanced arguments to submit that the assessee has prima-facie strong case on merits. Our attention has been drawn to the fact that the stay application filed before Ld. AO has already been rejected. The Ld. DR pleaded that the assessee must be directed to pay upfront payment before seeking stay.
3. Upon due consideration of factual matrix, the bench formed an opinion that the assessee deserve stay of demand upon payment of Rs.50 Lacs payable in the following manner: -
i) On or before 31/12/2019- Rs.25 Lacs
ii) On or before 31/01/2020- Rs.25 Lacs 3 SA No.468/Mum/2019 Crescent Marine Pte. Limited Assessment Year-2016-17 The proof of payment shall be submitted by the assessee before the registry in due course of time. The outstanding demand is stayed for a period of 180 days or till the disposal of the quantum appeal, whichever is earlier. Needless to add that failure to make the aforesaid payments by prescribed dates shall result into automatic vacation of this stay. Since no date of hearing of the appeal has been fixed by the registry, the date of hearing, after due consultation with respective representatives, has been fixed as 04/02/2020. Separate notice, in this regard, is dispensed with. The assessee shall make endeavor for early disposal of the appeal and shall not seek unnecessary adjournments without reasonable / just cause.
4. The stay application stands allowed in terms of our above order.
Order pronounced in the open court on 06th December, 2019.
Sd/- Sd/-
(Saktijit Dey) (Manoj Kumar Aggarwal)
ाियक सद / Judicial Member लेखा सद / Accountant Member
मुंबई Mumbai; िदनां कDated : 06/12/2019 Sr.PS:-Jaisy Varghese आदे श की ितिलिप अ े िषत/Copy of the Order forwarded to :
1. अपीलाथ#/ The Appellant 4 SA No.468/Mum/2019 Crescent Marine Pte. Limited Assessment Year-2016-17
2. $%थ#/ The Respondent
3. आयकरआयु (अपील) / The CIT(A)
4. आयकरआयु / CIT- concerned
5. िवभागीय$ितिनिध, आयकरअपीलीयअिधकरण, मुंबई/ DR, ITAT, Mumbai
6. गाड+ फाईल / Guard File आदे शानुसार/ BY ORDER, उप/सहायकपंजीकार (Dy./Asstt.Registrar) आयकरअपीलीयअिधकरण, मुंबई / ITAT, Mumbai.