Hyundai Rotem Company v. ACIT (International Transaction), Circle-2(1)(1), New Delhi
[Citation -2019-LL-0920-15]

Citation 2019-LL-0920-15
Appellant Name Hyundai Rotem Company
Respondent Name ACIT (International Transaction), Circle-2(1)(1), New Delhi
Court ITAT-Delhi
Relevant Act Income-tax
Date of Order 20/09/2019
Assessment Year 2015-16
Judgment View Judgment
Keyword Tags outstanding demand • stay of recovery • tp adjustment • stay petition • comparable margin • international transaction • arm length price
Bot Summary: The assessment in the case was completed consequent to which TP adjustment of Rs.2.75 crores has been made in the hands of the applicant. The DR for the Revenue strongly objected to the proposition raised by the applicant and stated that there were not appropriate reasons for granting stay to the applicant. The applicant claims that in case correct margins are applied then no TP adjustment is to be made in the hands of the assessee. We are of the view that the outstanding demand be stayed in the hands of the applicant, subject to condition of Page 2 S.A.No. The balance outstanding demand against the applicant is stayed for period of 180 days or till the disposal of the appeal, whichever is earlier. The applicant is directed to appear on the next date of hearing and not to seek frivolous adjournment, otherwise, the stay would be vacated. In the result, stay application filed by the applicant is allowed in terms indicated hereinabove.


IN INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: FRIDAY-F NEW DELHI BEFORE MS. SUSHMA CHOWLA, JUDICIAL MEMBER & SHRI N.K.BILLAIYA, ACCOUNTANT MEMBER S.A.No.-912/Del/2019 In ITA No:- 7569/Del/2019 Assessment Year: 2015-16 Hyundai Rotem Company, N-3 3rd Floor, South Extension, Park No.1, Delhi-110049 PAN-AABCK6367L Appellant vs ACIT(International Transaction), Circle-2(1)(1), Room No.310, E-2, Block, Pratyaksh Kar Bhawan, Civic Centre, J. L. Nehru Marg, New Delhi-110002 Respondent Appellant by Sh. Ajit Karde FCA Respondent by Sh. N.K.Bansal, Sr.DR Date of Hearing 20.09.2019 Date of Pronouncement: 20.09.2019 ORDER PER SUSHMA CHOWLA, JM present Stay Application is filed by applicant for stay of recovery of outstanding demand of Rs.2,03,88,890/- relating to Assessment Year 2015-16. S.A.No.-912/Del/2019 [In ITA No:- 7569/Del/2019] Assessment Year: 2015-16 2. assessment in case was completed consequent to which TP adjustment of Rs.2.75 crores has been made in hands of applicant. 3. AR for applicant pointed out that dispute in present appeal is with regard to selection of comparables and margins of said comparables to be applied. He further stated that in case, margins are adjusted then international transactions would be within Arm s Length Price. AR for applicant also pointed out that refunds arising for earlier years have not been adjusted till date by Revenue department on flimsy grounds. 4. DR for Revenue strongly objected to proposition raised by applicant and stated that there were not appropriate reasons for granting stay to applicant. 5. We have heard rival contentions and perused record. applicant is aggrieved by order of authorities below, wherein, TP adjustment of Rs.2.75 crores has been made in hands of assessee. dispute is with regard to selection of comparables and their margins. applicant claims that in case correct margins are applied then no TP adjustment is to be made in hands of assessee. We find that prima facie, it is case in favour of applicant. We are of view that outstanding demand be stayed in hands of applicant, subject to condition of Page | 2 S.A.No.-912/Del/2019 [In ITA No:- 7569/Del/2019] Assessment Year: 2015-16 payment of Rs.30 lakhs. Thus, applicant is directed to deposit sum of Rs.15 lakh by 30/10/2019 and Rs.15 lakhs by 15/11/2019. balance outstanding demand against applicant is stayed for period of 180 days or till disposal of appeal, whichever is earlier. appeal is fixed for hearing on out of turn basis on 25/11/2019. applicant is directed to appear on next date of hearing and not to seek frivolous adjournment, otherwise, stay would be vacated. 6. In result, stay application filed by applicant is allowed in terms indicated hereinabove. Order pronounced in open court on 20th day of September, 2019. Sd/- Sd/- (N.K.BILLAIYA) (SUSHMA CHOWLA) ACCOUNTANT MEMBER JUDICIAL MEMBER Dated 20th September, 2019. P.S Copy of Order is forwarded to 1. Appellant 2. Respondent; 3. CIT(A) 4. DR, ITAT, Delhi 5. Guard file. BY ORDER, Assistant Registrar, ITAT, Delhi Hyundai Rotem Company v. ACIT (International Transaction), Circle-2(1)(1), New Delhi
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