Carlyle India Advisors P.Ltd , vs Assessee

आयकर अपीलीय अिधकरण "के" यायपीठ मुब ं ई म । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH "K", MUMBAI ी िड. िड. क नाकर राव, राव लेखा सद य एवं ी िववेक वमा , याियक सद य के सम । BEFORE SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER AND SHRI VIVEK VARMA, JUDICIAL MEMBER SA No. 46/Mum/2014 Arising out of आयकर अपील सं. : 1040/ /मुम/2015 िनधा रण वष A.Y. 2010-11 ITA No. : 1040/Mum/2015, AY 2010-11 Carlyle India Advisors Private Vs Asst. Commissioner of Income Limited, Tax, Cir-14(1)(2), 1st Floor, Quadrant 'A' Aayakar Bhavan, The IL&FS Financial Centre, M K Road, Plot No. 22, G Block, Mumbai -400 020 Bandra Kurla Complex, Bandra (East), Mumbai -400 051 ःथयी लेखा सं.:PAN: AABCC 4522 F अपीलाथ# (Applicant) ू%यथ# (Respondent) Applicant by : Shri Devinjit Singh Ms. Ashta Bhatia Respondent by : Shri N. Padmanaban

सुनवाई क& तार(ख /Date of Hearing : 20-02-2015 घोषणा क& तार(ख /Date of Pronouncement : 20-02-2015

आदेश ORDER ी िववेक वमा , या स: PER VIVEK VARMA, JM:

The instant Stay Application (SA) has been filed by the assessee, praying for the stay of aggregate demand as created and perused by the department, which stands at Rs. 6,43,81,440/-.

2. At the time of hearing the AR pointed out that in the event that the ITAT in ITA No. 2200/Mum/2014, pertaining to assessment year 2009-10, where there was a demand of Rs. 4,81,92,653/-. This appeal was adjudicated in favour of the assessee, wherein the assessee would be entitled to a refund of tax plus interest.

2 Carlyle India Advisors Private Limited SA No. 46/Mum/2015

3. The AR therefore submitted that if the order giving effect to the ITAT's order is made, it will result in a refund of amount which shall be in excess of 50% of the aggregate demand as raised by the department.

4. On a query raised that if still some demand remained for assessment year 2009-10, the AR pointed out that out of Rs. 4,81,92,653/-, Rs. 3,43,29,091/- has already been adjusted and in any case appeal effect for 2009-10 has yet to be given, which will in any case be adjusted against the remaining demand.

5. The AR further submitted that sooner the appeal effect order is passed, sooner the latest tax position shall emerge and as there was a higher demand in assessment year 2009-10, the tax adjustment shall remove the demand considerably.

6. The AR therefore prayed that the SA be allowed and also the case be fixed on priority.

7. The DR prayed for payment of taxes.

8. We have heard the prayers of both the parties and we find that the demand in the current year shall be substantially taken care by the refund arising in assessment year 2009-10.

9. In such a case we accede to the prayer of the assessee and allow the stay petition till the disposal of the appeal pending before us or six months from today. i.e. upto 20.08.2015 or the disposal of the case, whichever is earlier.

10. We also accept the request of the assessee for early date of hearing, which shall be 31.03.2015.

11. Allowing Stay Petition, as made by the assessee and giving an early date of hearing is subject to the condition that the assessee shall 3 Carlyle India Advisors Private Limited SA No. 46/Mum/2015

not seek adjournment on any frivolous grounds, in which case, the conditions as laid down here above shall be reviewed.

9. Both parties informed. Notices for hearing are dispensed with.

10. Stay Application is therefore, allowed.

Order pronounced in the open Court on 20th February, 2015.

(िड.

िड. क नाकर राव) (िववेक वमा ) Sd/- Sd/-

लेखा सद य याियक सद य (D. KARUNAKARA RAO) (VIVEK VARMA) ACCOUNTANT MEMBER JUDICIAL MEMBER

Mumbai, Date: 20th February, 2015

ूित/Copy to:-

1) अपीलाथ# /TheApplicant. 2) ू%यथ# /The Respondent. 3) आयकर आयु-(अ.पल) - , मुंबई / The CIT(A) - , Mumbai. 4) The CIT /CIT Mumbai City- , Mumbai,

5) .वभागीय ूितिनिध "के" , आयकर अपीलीय अिधकरण, मुंबई/ The D.R. "K" Bench, Mumbai.

6) गाड फाईल Copy to Guard File.

आदे शानुसार/By Order / / True Copy / /

उप/सहायक पंजीकार आयकर अपीलीय अिधकरण, मुंबई Dy./Asstt. Registrar I.T.A.T., Mumbai *च हान व.िन.स *Chavan, Sr. PS