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2019 (9) TMI 1579 - AT - Income TaxStay of recovery of outstanding demand - Addition of of transfer/assignment of call options under the frame work agreement - HELD THAT:- The assessee cannot be faulted for non-disposal of the appeal. At the same time, the contention of the learned Departmental Representative that identical issue relating to transfer/assignment of call option in the assessment year 2012-13 has been decided by the Tribunal, Ahmedabad Bench against the assessee cannot be ignored altogether - contention of the learned Departmental Representative that the amount of income accruing to the assessee on account of transfer/assignment of call option has to be assessed in any one of the assessment years, considering the fact that the assessee has already exercised its option to transfer/assign, merits consideration. As mentioned earlier, contention of learned Departmental Representative that the ITAT Ahmedabad Bench in assessee’s own case for Assessment Year 2012-13 [2018 (1) TMI 1302 - ITAT AHMEDABAD] on similar facts, has confirmed the transfer pricing adjustment on exercise of call option also has to be kept in perspective while considering assessee’s prayer for grant of stay. Further, it is seen from record, the corresponding appeal of the assessee is now posted for hearing on 5th November 2019. Therefore, considering the overall facts and circumstances, prima facie case, balance of convenience and without prejudice to the respective rights and contentions of the parties, which will be duly considered at the time of hearing of the corresponding appeal, we direct the assessee, in the interregnum, to pay a further sum of ₹ 25 crore in two equal instalments of ₹ 12-50 crore each by the end of September, 2019 and October, 2019 and furnish proof of such payment before the AO. Further the corporate guarantee furnished by the assessee as per the earlier direction of the Bench should also continue. Subject to fulfilment of the aforesaid conditions, recovery of balance outstanding demand shall remain stayed for a period of six months from the date of this order or till disposal of the corresponding appeal of the assessee, whichever is earlier.
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