Merck Specialities Private Limited v. ACIT-Circle-7(2)(1), Mumbai
[Citation -2019-LL-0906-11]
| Citation | 2019-LL-0906-11 |
|---|---|
| Appellant Name | Merck Specialities Private Limited |
| Respondent Name | ACIT-Circle-7(2)(1), Mumbai |
| Court | ITAT-Mumbai |
| Relevant Act | Income-tax |
| Date of Order | 06/09/2019 |
| Assessment Year | 2014-15 |
| Judgment | View Judgment |
| Keyword Tags | depreciation on intangible asset • outstanding demand • stay petition • stay of demand of tax • charging of interest • disallowance of expenses • technical fee • sales promotion expenses • depreciation on goodwill • disallowance of depreciation |
| Bot Summary: | By way of this Stay Application for Assessment Year AY 2014-15, the assessee seeks stay of outstanding demand of Rs.947.85 Lacs which 2 SA No.278/Mum/2019 Merck Specialities Private Limited Assessment Year-2014-15 includes interest of Rs.364.94 Lacs. Making out a case for stay of demand, Ld. AR submitted that the demand primarily arises out of disallowances in respect of technical fees, depreciation on intangible asset / goodwill and sales promotion expenses. In the above background, Ld. AR sought stay of demand and submitted that the assessee is ready to pay reasonable amount of demand for the said purpose. Upon hearing rival submissions and considering the submissions made by Ld. AR, the bench formed an opinion that the assessee deserve stay of demand upon payment of Rs.1 crore payable in the following manner: - i) On or before 30/09/2019- Rs.0.5 crores ii) On or before 31/10/2019- Rs.0.5 crores The proof of payment shall be submitted by the assessee before the registry in due course of time. The outstanding demand is stayed for a period of 180 days or till the disposal of this appeal, whichever is earlier. Needless to add that failure to make any of the aforesaid payments by prescribed dates shall result into automatic vacation of this stay. The stay application stands allowed in terms of our above order. |