M/s. Maxim India Integrated Circuit Design P. Ltd v. Deputy Commissioner of Income-tax, Circle -11(1)(2), Bengaluru
[Citation -2016-LL-0930-218]

Metadata

Citation 2016-LL-0930-218
Appellant Name M/s. Maxim India Integrated Circuit Design P. Ltd
Respondent Name Deputy Commissioner of Income-tax, Circle -11(1)(2), Bengaluru
Court ITAT-Bangalore
Relevant Act Income-tax
Date of Order 30/09/2016
Assessment Year 2012-13
Judgment View Judgment
Keyword Tags outstanding demand • stay petition
Bot Summary: Tata Krishna, Advocate Revenue by : Smt. Swapna Das, JCIT Heard on : 30.09.2016 Pronounced on : 30.09.2016 ORDER PER S. JAYARAMAN, ACCOUNTANT MEMBER : The assessee-company has filed the present stay petition seeking stay of outstanding demand of Rs.2,65,53,110/-, for the assessment year 2012-13. Ld. AR of the assessee- company submitted that the issues are covered in favour of the assessee- company by orders of this Tribunal. On the other hand, Ld. DR vehemently opposed the grant of stay. Having regard to the rival submissions, we are of the considered opinion that the interests of justice would be met if stay is granted on the condition that assessee makes a payment of Rs.50 lakhs on or before 31st October, 2016. The stay of the balance amount is valid for a period of 180 days or till the appeal is disposed of whichever is earlier. We make it clear that the assessee company shall not seek adjournment of case from hearing without reasonable and sufficient cause. The stay petition is disposed of in the above lines.

Judgment



SP.No.146/Bang/2016 Page - 1 IN INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH 'C', BANGALORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBERS AND SHRI. S. JAYARAMAN, ACCOUNTANT MEMBER Stay Petition No.146/Bang/2016 (In I.T(TP).A No.1660/Bang/2016) (Assessment Year : 2012-13) M/s. Maxim India Integrated Circuit Design P. Ltd, 4th floor, Tower B, Commercio@ Mantri, Sy.No.51/2, 51/3, 51/4, Devarabesanahalli, Kariyammana Agrahara, Varthur Hobli, Bengaluru 560 013 .. Applicant PAN : AACCM9437E v. Deputy Commissioner of Income-tax, Circle -11(1)(2), Bengaluru .. Respondent Assessee by : Shri. Tata Krishna, Advocate Revenue by : Smt. Swapna Das, JCIT Heard on : 30.09.2016 Pronounced on : 30.09.2016 ORDER PER S. JAYARAMAN, ACCOUNTANT MEMBER : assessee-company has filed present stay petition seeking stay of outstanding demand of Rs.2,65,53,110/-, for assessment year 2012-13. SP.No.146/Bang/2016 Page - 2 02. Ld. AR of assessee- company submitted that issues involved in this appeal are selection of comparables, non-application of turnover filter, interest deduction on ECB loan, etc., Ld. AR of assessee- company submitted that issues are covered in favour of assessee- company by orders of this Tribunal. Therefore, he submitted that there is prima facie case in favour of assessee and requested that balance demand may be stayed. 03. On other hand, Ld. DR vehemently opposed grant of stay. 04. Having regard to rival submissions, we are of considered opinion that interests of justice would be met if stay is granted on condition that assessee makes payment of Rs.50 lakhs on or before 31st October, 2016. We order accordingly. stay of balance amount is valid for period of 180 days or till appeal is disposed of whichever is earlier. We make it clear that assessee company shall not seek adjournment of case from hearing without reasonable and sufficient cause. SP.No.146/Bang/2016 Page - 3 05. stay petition is disposed of in above lines. Order pronounced in open court on 30th September, 2016. Sd/- Sd/- (VIJAY PAL RAO) (S. JAYARAMAN) JUDICIAL MEMBER ACCOUNTANT MEMBER MCN* Copy to: 1. assessee 2. Assessing Officer 3. Commissioner of Income Tax 4. Commissioner of Income Tax (A) 5. DR 6. GF, ITAT, Bangalore By Order Assistant Registrar M/s. Maxim India Integrated Circuit Design P. Ltd v. Deputy Commissioner of Income-tax, Circle -11(1)(2), Bengaluru
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