Willis Processing Se... v. Dcit - 2(3) Aayakar ...

Per B. Ramakotaiah, A.M. This is assessees application for stay of outstanding demand of `5,05,21,028/- arising consequent to the Transfer Pricing adjustment and disallowance made under section 10A.

2. It was submitted that the assessee had favourable orders by the ITAT in A.Y. 2006-07 as assessee was claiming deduction under section 10A from assessment year 2001-02 and further with reference to other adjustments made under section 40(a)(ia) and transfer pricing, the matters are in its favour by various orders. Accordingly it was requested that the demand may be stayed. The Ld. DR supported the orders of AO.

3. After considering the rival submissions, we are of the opinion that there is a prima facie case in favour of the assessee and is a fit case for grant of stay of demand. However considering the outstanding amount, assessee is directed to pay an amount of `50 lakhs on or before 17.09.2012 and balance of the demand is stayed till the disposal of the appeal or six SA No. 265/Mum/2012 months, whichever is earlier. The appeal stands posted on 15.10.2012 and issuance of notice is dispensed with as both the parties were informed in the open court.

4. In the result, stay application of the assessee is allowed. Order pronounced in the open court on 7th September 2012. Sd/- Sd/- (B.R. Mittal) (B. Ramakotaiah) Judicial Member Accountant Member Mumbai, Dated: 7th September 2012 Copy to:

1. The Appellant

2. The Respondent

3. The CIT(A) 15, Mumbai

4. The CIT IV, Mumbai City

5. The DR, G Bench, ITAT, Mumbai By Order //True Copy// Assistant Registrar ITAT, Mumbai Benches, Mumbai n.p.