9911796707
TMI Blog2016 (3) TMI 861X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal has stayed the recovery of outstanding for a period of 180 days. The order of the Tribunal has been annexed with the Stay Application. It reads as under : "The present Stay Petition is directed at the instance of the assessee for grant ad-interim stay of the outstanding demand amounting to Rs. 53,95,70,660/- in Asstt.Year 2009-10. 2. It emerges out from the record that the assessee has filed return of income on 30.9.2009 declaring total loss of Rs. 362,97,56,206/-. The case of the assessee was selected for scrutiny assessment. The international transactions entered into by the assessee with its associated enterprise ("AE" for short) were referred to the Transfer Pricing Officer under section 92CA(3) of the Income Tax Act for c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dation made by the TPO in the ALP of international transactions the assessee with its AE. The assessee has made purchases of CKD kits and components from its AE for assembling car at its facility in Halol, Baroda, Gujarat. This kits are in addition to locally purchased components, which are also used in the cars manufactured by the assessee to effectively meet the after-sale service needs of its customers. The assessee also imports spare parts and accessories from its AE, in addition to local procurement, for their resale in India. The assessee has selected, GMDAT (General Motors Daewoo & Auto Technology Ltd.) as a tested party, but this stand of the assessee was rejected by the AO. According to the learned counsel or the assessee, if the G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of the assessee, vide order dated 25.03.2014. The AO has observed, as to why GMDAT could not be taken as tested party. He emphasized that the assessee failed to place on record the complete financial data of GMDAT. He further contended that in case the stay is granted, then the assessee should be directed to pay at least 50% of the outstanding demand. 7. On due consideration of the facts and circumstances of the case, we are of the view that the assessee has prima facie good case on merit. The colour of dispute would change, if the selection of the tested party for determination of ALP of the international transaction with AE is changed. No doubt in the order dated 25.3.2014, the learned AO while rejecting the application for stay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al was fixed for hearing on August 12, 2015 along with appeals for A.Y. 2006-07, 2007-08, 2008-09 and 2010-11 as the issues involved were identical. On the said date the Hon'ble 'D' Bench adjourned the matter due to paucity of time and the same was next fixed for hearing on September 16, 2015. The matter again could not be taken up for hearing due to paucity of time and the same was adjourned to November 2, 2015. The Hon'ble D Bench conducted extensive hearings on November 2nd, 3rd, and 4th heard the appeals for A.Y. 2006-07, 2007-08 and 2008-09 and fixed the current appeals for detailed hearing on February 02, 2016. It is thus submitted that the applicant has never sought for an adjournment throughout the proceedings" 4. On the strength ..... X X X X Extracts X X X X X X X X Extracts X X X X
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