2024 (11) TMI 813

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... i Shankar Lal Verma, Sr. DR ORDER PER S.RIFAUR RAHMAN, AM: 1. Applicant/Assessee, Vivo Mobile India Private Limited (hereinafter referred to as 'the assessee') filed the present stay application sought to stay the demand of Rs. 1,41,76,68,830/- out of assessment order passed u/s 143 (3) r.w.s. 144C of the Income-tax Act, 1961 (for short 'the Act'). 2. At the time of hearing, ld. AR for the ass .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d in licence agreement pursuant to which VMCC provides intellectual property rights to assessee relating to its business of trading, import, exports, manufacturing and distribution of mobile communication devices and its accessories. Pursuant to the assessment, assessee is in appeal before ITAT and on the merits of the case, he submitted that considering the shareholding structure of the assessee .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the paper book wherein assessee has already deposited 20% of the total outstanding demand. Accordingly, he prayed that the stay may be granted in faovur of the assessee. 5. On the other hand, ld. DR for the Revenue objected to grant of total stay. 6. Considered the rival submissions and material placed on record. We observed that the issue under consideration is more or less covered by various d .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X