Bain Capital Advisors (India) P.Ltd, vs Assessee

S.A.NO.52/M/2015 (Arising from I.T.A. No.413/M/2015) (AY: 2010-2011) Bain Capital Advisors (I) P Ltd., फनाभ/ DCIT Circle 3(1), nd 215, 2 Floor, Free Press House, R.No.603/607, Aayakar Vs. Free Journal Marg, Nariman Bhavan, M.K. Marg, Point, Mumbai - 400 021. Mumbai - 400 020. स्थामी रेखा सं ./ PAN : AADCB4464B (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent)

अऩीराथी की ओय से / Appellant by : Shri A.V. Sonde

प्रत्मथी की ओय से/ Respondent by : Shri Asghar Zain

सुनवाई की तायीख / Date of Hearing : 27.02.2015 घोषणा की तायीख /Date of Pronouncement : 27.02.2015

आदे श / O R D E R

PER D. KARUNAKARA RAO, AM:

This stay application is filed by the assessee on 24.2.2015 and it arose from ITA No. 413/M/2015 for the assessment year 2010-2011.

2. During the stay proceedings before us, Shri A.V. Sonde, Ld Counsel for the assessee summarized the brief facts of the case and mentioned that the core issue relates to the Transfer Pricing adjustment made in the assessment by considering M/s. Motilal Oswal Investment Advisors Private Limited as one of the comparables. In the assessment, Assessing Officer raised a demand amounting to Rs. 8,93,89,011/-. In this regard, Ld Counsel mentioned that out the said outstanding demand assessee already paid sum of Rs.5,64,32,595/- and seeks the stay of balance amount of outstanding Rs.3,29,56,420/-. It is the submission of the assessee that the demand is created primarily because of considering M/s. Motial Oswal Investment Advisors Private Limited as comparable in making TP adjustments.

2 He submitted that the said comparable was not considered as a good comparable in the stay proceedings for the AY 2009-2010. To support the same, Ld Counsel for the assessee field a copy of the order of the Tribunal in stay granted matter vide S.A. No.158/Mum/2014 (AY 2009-2010), dated 30.5.2014. He further submitted that the assessee shall pay a sum of Rs. 50 lakhs out of the outstanding balance if the early hearing of the appeal is granted.

3. On the other hand, Ld DR objected to the grant of stay of outstanding demand and mentioned that the assessment may be asked to pay the total outstanding demand keeping in view the exigencies of the Government in the Financial Year ending.

4. After hearing both the parties, we find, this is a fit case for grant of stay considering the compliance of the assessee in payment of tax exceeding more than 50% of the arrear demand. As agreed by the assessee before the Bench, assessee shall pay a sum of Rs. 50 lakhs on or before 5th March, 2015. Considering the request of the Ld Counsel for the assessee, the early hearing of the appeal is granted and the hearing of the appeal is fixed on 9.03.2015. As the date of hearing is announced in the presence of both the parties, no separate notice shall be issued. Needless to mention that both the parties shall not seek any adjournment on frivolous grounds. In case of requirement of filing of any paper book, Ld Counsels are directed to file the same well in advance before the date of hearing. Accordingly, Stay Application filed by the assessee is conditionally allowed.

5. In the result, Stay Application filed by the assessee is allowed in the above mentioned manner.

Order pronounced in the open court immediately after completion of hearing on 27th day of February, 2015.

Sd/- Sd/-

(I.P. BANSAL) (D. KARUNAKARA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER

भंफ ु ई Mumbai; ददनांक 27.2.2015 3

व.नन.स./ OKK , Sr. PS

आदे श की प्रतिलऱपि अग्रेपिि/Copy of the Order forwarded to :

1. अऩीराथी / The Appellant

2. प्रत्मथी / The Respondent.

3. आमकय आमुक्त(अऩीर) / The CIT(A)-

4. आमकय आमुक्त / CIT

5. ववबागीम प्रनतननधध, आमकय अऩीरीम अधधकयण, भुंफई / DR, ITAT, Mumbai

6. गार्ड पाईर / Guard file.

सत्मावऩत प्रनत //True Copy//

आदे शानुसार/ BY ORDER, उि/सहायक िंजीकार (Dy./Asstt. Registrar) आयकर अिीऱीय अधिकरण, भुंफई / ITAT, Mumbai