TMI Blog2018 (10) TMI 1448X X X X Extracts X X X X X X X X Extracts X X X X ..... 3.8 crore by the assessee before the AO , balance outstanding demand of tax and interest will be stayed for the period of 180 days or disposal of the appeals, whichever is earlier - SA Nos. 471/Mum/2018 And ITA No . 5773/Mum/2018 - - - Dated:- 26-10-2018 - SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER For The Applicant : Shri Nimesh Vora For The Respondent : Shri Vivek Perampurna (DR) ORDER PER Ramit Kochar, Accountant Member, By this stay application bearing number 471/Mum/2018 arising out of ITA No. 5773/Mum/2018, the assessee is seeking stay on the outstanding demand of ₹ 13,54,01,261/- of income-tax and interest thereon, which had arisen vide notice of demand date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is awaited . It was claimed that prima facie , the assessee has a strong case on the issue of Royalty in its favour . It was also submitted so far as third issue of disallowance is concerned with respect to adjustment on account of depreciation on capital work-in-progress, the total income-tax and interest due thereon aggregates to ₹ 3.78 crores and it was submitted that the assessee is ready and willing to deposit ₹ 3.8 crores, latest by 30.11.2018 , against total outstanding demand of ₹ 13.54 crores which constitutes approximately 27% of the total demand and it was prayed that the balance outstanding demand be stayed . Thus , it was prayed in nutshell that assessee is willing to deposit ₹ 3.8 crore on or before 30. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l demand of ₹ 13.54 crore raised against the assessee. It was submitted that there is TP adjustment on account of AMP expenses to the tune of ₹ 5.18 crores was decided in favour of the assessee in the preceding years by the tribunal , vide orders in ITA no. 981/Mum/2017 dated 18.08.2017 for AY 2007-08 and also order in ITA no. 7545/Mum/2012 for AY 2008-09 , order dated 27.04.2016 . It was prayed that since prima-facie case of the assessee is made out so far as TP adjustment of ₹ 5.18 crores on account of AMP expenses is concerned , the demand arising out the same should not be pressed . Similarly, it was claimed that with respect to the Royalty additions to the tune of ₹ 13.01 crores is concerned, the issue has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emand of tax and interest. On production of paid challan of ₹ 3.8 crore by the assessee before the AO , balance outstanding demand of tax and interest will be stayed for the period of 180 days or disposal of the appeals, whichever is earlier . We would like to reiterate at the cost of repetition that we have not commented on the merits of the issue s in this appeal. The assessee shall not seek any un-necessary adjournments without bonafide and genuine reasons and shall co-operate with the tribunal for early disposal of the appeal. In case any adjournment is sought otherwise for genuine and bonafide reasons, the stay shall stand vacated . The appeals are now fixed for hearing on 23.01.2019 and the date was announced in the open court i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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