Towers Watson India P.Ltd, vs Assessee

आयकर अपील य अ धकरण, मब ुं ई यायपीठ 'के' मब ुं ई । IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH "K", MUMBAI

सव ी राजे , लेखा सद य एवं ी संजय गग, या यक सद य के सम । BEFORE SHRI RAJENDRA, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER

SA No.91/M/2015 (आयकर अपील सं./ITA No.1140/M/2015) ( नधारण वष / Assessment Year: 2010-11)

M/s. Towers Watson India The ACIT, Circle - 11(3)1, Pvt. Ltd., Room No.427, 4th Floor, 511/512, Solitaire Corporate Aayakar Bhavan, Park, बनाम/Vs. M.K. Road, 151, Andheri Kurla Road, Mumbai - 400 020 Andheri (East), Mumbai - 400 093 PAN: AAACG2955K (अपीलाथ /Appellant) ( यथ /Respondent)

Assessee by : Shri M.P. Lohia, A.R. Revenue by : Shri M. Padmanabhan, D.R.

सन ु वाई क तार ख/ Date of Hearing : 27.03.2015 घोषणा क तार ख /Date of Pronouncement : 27.03.2015

आदे श / O R D E R

Per Sanjay Garg, Judicial Member:

The present petition has been preferred by the assessee seeking stay of the recovery of demand of tax of Rs.4,35,88,236/-, consequential to the additions made by the lower authorities on account of transfer pricing adjustments.

2. The matter earlier was heard on 06.03.2015. On the said date, the Ld. A.R. of the assessee had contended that the applicant had moved an application SA No.91/M/2015 2 ( आयकर अपील सं./ITA No.1140/M/2015) M/s. Towers Watson India Pvt. Ltd.

under section 154 of the Act for rectification of error before the Assessing Officer (hereinafter referred to as the AO). Another such application of the applicant was pending before the DRP also. It had been stated that if the said applications would be accepted, then the tax demand against the assessee would get reduced to a negligible amount. It was accordingly directed vide order dated 06.03.15 to the concerned authorities to dispose of the rectification applications of the assessee.

3. Today, the Ld. A.R. of the assessee has stated that the applications of the assessee have been decided by the AO as well as the DRP and the tax demand has been considerably reduced. He has submitted a chart to show that after the order dated 20.03.2015 passed by the DRP on the application of the assessee, the outstanding demand now will remain at Rs.2,77,22,720/-. He has further submitted that the assessee has a fair case and the impugned additions/tax demand is likely to be deleted in the appeal before this Tribunal.

4. Considering the overall facts and circumstances of the case, we are of the view that the interest of justice will be well served if the outstanding demand is stayed subject to payment of 50% of the amount which has been calculated by the assessee as outstanding after the order of the DRP at Rs.2,77,22,720/-. We accordingly, stay the recovery of the outstanding tax demand subject to deposit of 50% of the said amount which comes out at Rs.1,38,61,360/- in two equal installments on or before 30th April 2015.

5. The assessee's request for early hearing of the matter is also accepted. The Registry is directed to fix the matter/main appeal for final hearing on merits on 10.06.2015. The date of hearing has been informed to the parties in open court and no separate notice will be issued. It is made clear that the assessee will not seek unnecessary adjournment or contribute in any delay in SA No.91/M/2015 3 ( आयकर अपील सं./ITA No.1140/M/2015) M/s. Towers Watson India Pvt. Ltd.

the disposal of the appeal, failing which the stay granted will be automatically deemed to be vacated. Before parting with the order it is pertinent to mention here that our observations made above will not have any bearing at the final disposal of the appeal.

6. In the result, subject to above observations, the application of the appellant is hereby allowed.

Order pronounced in the open court on 27.03.2015.

आदे श क घोषणा खल ु े यायालय म दनांकः 27.03.2015 को क गई ।

Sd/- Sd/- (राजे / Rajendra) (संजय गग / Sanjay Garg) लेखा सद य / ACCOUNTANT MEMBER या यक सद य / JUDICIAL MEMBER

मुंबई/Mumbai; दनांक/Dated 27.03.2015

* Kishore

आदे श क त ल प अ े षत/Copy of the Order forwarded to : 1. अपीलाथ / The Appellant 2. यथ / The Respondent. 3. आयकर आयु त(अपील) / The CIT(A)- 4. आयकर आयु त / CIT 5. वभागीय त न ध, आयकर अपील य अ धकरण, मुंबई / DR, ITAT, Mumbai

6. गाड फाईल / Guard file.

ु ार/ BY ORDER, आदे शानस

स या पत त //True Copy//

उप/सहायक पंजीकार (Dy./Asstt. Registrar) आयकर अपील य अ धकरण, मुंबई / ITAT, Mumbai