M/s Cook India Medical Devices Pvt. Ltd. v. The Joint Commissioner of Income-tax (OSD), Corporate Circle 1(2), Chennai
[Citation -2016-LL-0923-208]
| Citation | 2016-LL-0923-208 |
|---|---|
| Appellant Name | M/s Cook India Medical Devices Pvt. Ltd. |
| Respondent Name | The Joint Commissioner of Income-tax (OSD), Corporate Circle 1(2), Chennai |
| Court | ITAT-Chennai |
| Relevant Act | Income-tax |
| Date of Order | 23/09/2016 |
| Assessment Year | 2012-13 |
| Judgment | View Judgment |
| Keyword Tags | outstanding demand • transfer pricing • stay petition • advance tax |
| Bot Summary: | The assessee filed the return of income declaring total income of 68,06,580 - and the assessment was completed on a total income of 2,95,01,632 - resulting in a demand of 95,79,450 -. The assessment was resulted in a demand mainly because of transfer pricing adjustment relating to the method adopted by the Assessing Officer. The assessee determined TNM method whereas the Assessing Officer has adopted CUP method. Further the assessee stated that the amount of 5 lakhs paid as advance tax was not given credit and it has fair chances of getting relief in the appeal requested for stay of the entire demand. DR submitted that the issue raised by the assessee has already been considered by the DRP and the Assessing Officer and the Department has also fair chances of succeeding in appeal he vehemently objected to stay of demand. We have considered the rival submissions and grant stay of recovery of the outstanding demand for six months from today subject to payment of 15 lakhs by the assessee on or before 15.10.2016 and the assessee should not seek adjournment as and when the case if fixed for hearing. If the assessee fails to deposit :-3-: SP. No. 205 16 15 lakhs on or before 15.10.2016, the stay shall stand automatically vacated without any further reference to this Tribunal. |