Income Tax Appellate Tribunal - Pune
Veritas Software Technologies India ... vs Deputy Commissioner Of Income Tax ... on 17 September, 2021
THE INCOME TAX APPELLATE TRIBUNAL
PUNE BENCHES, "C", PUNE
(Through Virtual Court)
BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND
SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER
S.A. No.08/PUN/2021
(Arising out of ITA No.207/PUN/2021)
िनधारण वष / Assessment Year : 2016-17
Veritas Software Technologies India DCIT (TP-2),
Private Limited, Vs. Pune
EON Free Zone, Ground to Second floor,
Wing 4, Cluster A,Plot No.1,
Survey No.77,MIDC, Knowledge Park,
Kharadi, Pune - 411 014
Maharashtra
PAN : AAFCV1059A
(Applicant) (Respondent)
Applicant by Shri Ajit Korde
Respondent by Shri Mahadevan A.M. Krishnan
Date of hearing 17-09-2021
Date of pronouncement 17-09-2021
आदे श
आदे श / ORDER
PER R.S.SYAL, VP :
By means of the present stay application, the assessee requires the Tribunal to grant stay of demand amounting to Rs.36.29 crore for the assessment year 2016-17 till the disposal of the captioned appeal by the Tribunal. Total tax demand as per the application is Rs.19,87,63,725/- and the interest component is Rs.16,41,93,117/-2 SA No.08/PUN/2021
Veritas Software Technologies India Private Limited The ld. counsel for the assessee submitted that out of outstanding demand of Rs.36,29,56,840/-, a sum of Rs.3.00 crore has already been paid and a further sum of Rs.27,44,130/- has been adjusted by the Department against the refund. He emphasized that the assessee has a prima facie good case before the Tribunal and hence stay may be granted on the remaining outstanding amount. On the other hand, the ld. DR opposed the stay application but did not dispute the correctness of the figures and the original outstanding demand.
2. Having heard both the parties through the virtual court and gone through the relevant material on record, it is seen that the assessee has paid only Rs.3.00 crore out of the total outstanding demand of Rs.36.29 crore and an amount of Rs.27,44,130/- has been adjusted against refund. Twenty per cent of the existing total demand comes to Rs.7,25,92,000/-. Since the assessee has already paid/refund adjusted to the extent of Rs.3.27 crore and odd, we direct the assessee to deposit the balance amount of Rs. 3,98,47,870/- by 30-09-2021. The ld. AR agreed for it. Accordingly, the stay is granted for a period of six months from today or till the disposal of appeal, whichever is earlier, subject to the assessee depositing the aforesaid sum. However, this accommodation is subject to the 3 SA No.08/PUN/2021 Veritas Software Technologies India Private Limited furnishing of an undertaking by the assessee to the satisfaction of the Assessing Officer that it will not alienate any of its immovable properties till the final disposal of the present appeal. In case any of the terms and conditions is/are violated, the stay herein granted shall be vacated. It has been brought to our notice that the appeal is already listed for hearing. With these observations, and subject to the above terms and conditions, the stay application of the assessee gets disposed of accordingly.
3. In the result, the stay application is allowed in the above terms.
Order pronounced in the Open Court on 17th September, 2021.
Sd/- Sd/-
(S.S. VISWANETHRA RAVI) (R.S.SYAL)
JUDICIAL MEMBER VICE PRESIDENT
पुणे Pune; िदनां क Dated : 17th September, 2021 सतीश 4 SA No.08/PUN/2021 Veritas Software Technologies India Private Limited आदे श की ितिलिप अ े िषत/Copy of the Order is forwarded to:
1. अपीलाथ / The Appellant;
2. थ / The Respondent;
3. आयकर आयु (अपील) / The CIT (Appeals) concerned
4. The Pr.CIT concerned
5. िवभागीय ितिनिध, आयकर अपीलीय अिधकरण, DR, 'C' Pune
6. गाड फाईल / Guard file. // True copy // आदे शानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune Date
1. Draft dictated on 17-09-2021 Sr.PS
2. Draft placed before author 17-09-2021
3. Draft proposed & placed before the second member
4. Draft discussed/approved by Second Member.
5. Approved Draft comes to the Sr.PS/PS
6. Kept for pronouncement on
7. File sent to the Bench Clerk
8. Date on which file goes to the AR
9. Date on which file goes to the Head Clerk.
10. Date of dispatch of Order *