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Tata Communications Limited Versus Dy. CIT-1 (3) (2) , Mumbai

2016 (5) TMI 97 - ITAT MUMBAI

Stay of demand seeked - Transfer pricing adjustment - Held that:- The ratio of the amount paid (to the total outstanding demand) ought to be justifiably computed by excluding the tax relatable thereto (i.e., issue (b)), which would reduce the overall percentage (47%) for the current year to a lower ratio. Again, the transfer pricing issue considered by the tribunal for the preceding year covers an income of ₹ 405.03 crores, as against the total disputed addition qua TP adjustments at ͅ .....

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toward the other (five) transfer pricing adjustments (for ₹ 103.45 cr.) made in assessment. We are also painfully conscious that huge sums (of the assessee) stand locked up in disputed payments, for which it is not responsible in any manner. In view of the above, in our considered view, the assessee deserves a stay without any further payment. The assessee shall not seek adjournment without justifiable cause. We decide accordingly. - SA No. 98/Mum/2016, Arising out of ITA No. 572/mum/2014 .....

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es. 2. Explaining the background facts of the case, it was submitted by the ld. Authorized Representative (AR), the assessee s counsel, that the total income under dispute is at ₹ 981.30 crores, of which the principal sums, aggregating to ₹ 978.40 crores, is comprised of the following sums: Amt (in Rs. crores) a) Disallowance of claim u/s. 80-IA 140.86 b) Disallowance of long term capital loss 329.06 c) Transfer pricing adjustments 508.48 978.40 As regards the issues listed at (a) an .....

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urt in Vodafone India Services P. Ltd. vs. Union of India [2014] 361 ITR 531 (Bom.), has vide its order in Dy. CIT vs. Tata Consultancy Services Limited (in ITA No. 7513/Mum/2010 dated 04.11.2015), held of the transfer pricing adjustments made in contravention of the provision of section 92CA of the Act as not valid. As such, in all cases where the reference to the TPO is made by the Assessing Officer directly, i.e., without observing the procedure in its respect, following the Circular No. 3/20 .....

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ed the need to seek stay for the current year as well. He would then take us through page 1 of the paper-book, listing the payments made with reference to the demand raised, also exhibiting the ratio of the demand paid from A.Ys. 2007-08 to 2010-11 (the last year being also subject to a stay application by the assessee, which stands also listed for hearing today instant, though before a different combination). 47% of the total demand for the current year, he would continue, stands paid, as again .....

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uted tax liability paid in respect of the completed assessments, which outstand from A.Y. 1996-97 onwards (up to A.Y. 2010-11), and toward which an aggregate of ₹ 1953.65 crores stands paid, blocking over 20% of the assessee s borrowed funds of ₹ 9000 crores, even as it anticipates a refund of substantial amount of the said sum. 3. We have heard the parties, and perused the material on record. The tribunal has, with reference to the issues listed at (a) and (c) above (refer para 2), .....

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