Huntsman International (India) P.Ltd , vs Assessee

Huntsman International The Dy. Commissioner Of (India) Private Limited, बनाम/ Income Tax-15(2)-1, Lighthall, B-Wing, Aaykar Bhavan, Saki Vihar Road, Vs. Mumbai-400020 Andheri (East), Mumbai-400072 ( नधा रती /Assessee) (राज व /Revenue) P.A. No.AAACH9149J

नधा रती क ओर से / Assessee by): Shri Bandish Soparkar राज व क ओर से / Revenue by Shri Vivek Perampurna-DR

ु वाई क! तार ख / सन 27/02/2015 Date of Hearing :

आदे श क! तार ख /Date of Order 27/02/2015

आदे श / O R D E R

PER JOGINDER SINGH (Judicial Member):

This stay application is filed by the assessee with request to stay the outstanding demand of Rs.4,69,51,270/-. During hearing of this application, Shri Bandish Soparkar, ld. Counsel

2 Huntsman International (India) Private Limited,

for the assessee, contended that the assessee is having prima facie a good case in its favour and had also having little liquidity to pay the outstanding demand in dispute. It was also pleaded that out of the total demand the tax portion is Rs.3,60,86,075/- and interest of Rs.1,08,65,195/-. The ld. Counsel contended that the disputed amount may be stayed. On the other hand, Shri Vivek Perampurna, ld. DR, contended that either the stay application of the assessee may be rejected or the interest of the Revenue may be safeguarded.

2. We have considered the rival submissions and perused the material available on record. Without going into much deliberation/merits of the appeal, we are of the view, that at least at the stage, the balance of convenience is in favour of the assessee, however, the interest of the Revenue also has to be safeguarded, therefore, we are passing the following orders:

i. That the assessee shall pay an amount of Rs.1,00,00,000/- (One Crore) /- on or before 20/03/2015.

ii. That the assessee shall not seek adjournment without any valid reason and shall cooperate in earlier disposal of the appeal, which is directed to be fixed for hearing on 13/04/2015. iii. That if the assessee deposits the aforementioned amount of Rs.1,00,00,000/-(One Crore), on or before 20/03/2015 only then the appeal of the assessee shall be heard by the Bench on the aforementioned date.

iv. That if the aforementioned amount is deposited by the assessee within the stipulated period then the remaining outstanding demand will be treated as stayed for a period of six months or till the disposal of the appeal, whichever is earlier.

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v. If the assessee fails to deposit the aforementioned amount, within the stipulated period, then this order of stay will be automatically treated to be vacated. vi. Since, the appeal of the assessee is already directed to be fixed for hearing for 13/04/2015, no separate notice of hearing shall be issued by the Registry of the Tribunal.

Finally, the stay application of the assessee is disposed of in terms indicated hereinabove.

This Order was pronounced in the open court in the presence of ld. representatives from both sides, at the conclusion of the hearing, on 27/02/2015.

Sd/- Sd/- (Chandra Poojari) (Joginder Singh) लेखा सद#य / ACCOUNTANT MEMBER या$यक सद#य / JUDICIAL MEMBER मब

ुं ई Mumbai; #दनांक Dated :27/02/2015 f{x~{tÜ? P.S/. न.स.

आदे श क %$त'ल(प अ)े(षत/Copy of the Order forwarded to :

1. अपीलाथ' / The Appellant

2. ()यथ' / The Respondent.

3. आयकर आय+ ु त(अपील) / The CIT, Mumbai.

4. आयकर आय+ ु त / CIT(A)- , Mumbai

5. -वभागीय ( त न0ध, आयकर अपील य अ0धकरण, मब ुं ई / DR, ITAT, Mumbai

6. गाड फाईल / Guard file.

आदे शानस ु ार/ BY ORDER, स)या-पत ( त //True Copy// उप/सहायक पंजीकार (Dy./Asstt. Registrar) आयकर अपील य अ धकरण, मब ंु ई / ITAT, Mumbai