TMI Blog2013 (12) TMI 1104X X X X Extracts X X X X X X X X Extracts X X X X ..... overy of the demand is stayed for a period of six months or till the disposal of appeal, whichever comes earlier – Decided in favour of assessee. - ITA No.7317/Mum/2012 And SA No: 53/Mum/2013 - - - Dated:- 22-2-2013 - RAJENDRA SINGH AND VIVEK VARMA , JJ. For the Appellant :M. Subramanian. For the Respondent : Mohit Jain. ORDER:- PER : Rajendra Singh This stay application has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the basis of return on capital employed with had been computed by the TPO at 18.26% in place of 5.29% computed by the assessee. The TPO had thus recommended adjustment of Rs. 8.77 crores which was reduced by DRP to Rs. 4,12,75,990/- The ld. AR submitted that the adjustment as per law is required to be made only with respect to transaction with associate enterprise. However, in this case the ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equested that the demand may be stayed and case may be fixed for early hearing. The ld. AR also submitted that the assessee was willing to pay demand on the basis of adjustment made in relation to transaction with AE which will be as per law and which comes to Rs. 12.71 lacs only. 2.1 The ld. DR, on the other hand, placed reliance on the orders of the authorities below and submitted that the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case the assessee seeks adjournment on the date of hearing, the stay granted would get vacated automatically. The appeal will be heard on 3.4.2013. The date of hearing was pronounced in the open court in the presence of both the parties and no formal notice of hearing is, therefore, required to be issued by the registry. 4. In the result, the stay petition of the assessee is allowed with directi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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