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2011 (2) TMI 302 - AT - Income TaxStay Application - As per the application, assessee is in arrears of the demand to the tune of 28.15 Crores (rounded off) - Income tax Act has conferred certain powers on the Income tax Authorities for discharging and one such power relates the matters of stay of the demand It does not make any difference whether the assessee filed any application before the Revenue and not awaited their decisions before filing application before the Tribunal or directly approaching the Tribunal without even filing the applications before the Revenue authorities, when there exists threat of coercive action by the AO Transfer pricing - It is the law of the land that Transfer Pricing provisions apply to the AE transaction - In any case, as per the summary chart prepared by the assessee, Rs. 17.62 Crores is not a high-pitched demand and hence it is collectible demand and the tax component of the same is determined at Rs 10.83 Crores - In so far as the merits of the issue are concerned, the issue in question revolves around ‘transfer pricing’ issues and without hearing the parties in dispute, no prima facie view can be expressed on merits favouring the either side of the dispute Out of the total demand of Rs 28.15 crores, only the demand of Rs 17.62 crores is the collectible demand and it includes Rs 10.83 crores of tax component, the assessee shall pay 50% of the sum of Rs 10.83 crores ie Rs 5.42 crores immediately either by way of adjustment of refunds or otherwise at the option of the assessee - In the result, the stay application is allowed pro-tanto
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