9911796707
TMI Blog2018 (10) TMI 1448X X X X Extracts X X X X X X X X Extracts X X X X ..... reinafter called "the Act") in pursuance of assessment order dated 29.08.2018 passed by learned Assessing Officer u/s 143(3) read with Section 144C(1) of the 1961 Act which was in turn passed by the AO in compliance with directions dated 29.06.2018 issued by Dispute Resolution Panel-1(WZ),Mumbai u/s. 144C(5) of Income Tax Act 1961 , raising aforesaid demand of Rs. 13,54,01,261/-. The assessee has stated before us that there are three issues which are broadly involved which are subject matter of dispute between rival parties which led to total demand of Rs. 13.54 crore raised against the assessee. It was submitted that there is TP adjustment on account of AMP expenses to the tune of Rs. 5.18 crores which issue was decided in favour of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised by Revenue against the assessee vide notice of demand dated 29.08.2018. It was submitted that assessee filed stay of demand application with Revenue which was rejected by Revenue , vide order no. ACIT 6(2)(2)/stay of demand/2018-19 dated 09.10.2018. The said order is placed on record. 3. The Ld. DR submitted that the assessee be asked to deposit some higher amounts as against offered by the assessee to deposit to the tune of Rs. 3.8 crores as total demand of more than Rs. 13.50 crores is outstanding against the assesse for payment. 4. We have considered rival contentions and perused the material on record. We have observed that the total demand of Rs. 13,54,01,261/- of income-tax and interest thereon, had arisen against the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... waited . It was claimed that prima facie , the assessee has a strong case on the issue of Royalty in its favour . The assessee is ready and willing to deposit Rs. 3.8 crores, latest by 30.11.2018 which remained with respect to third issue which is a new issue arising for the first time concerning adjustment on account of depreciation on capital work in progress, against outstanding demand of Rs. 13.54 crores which constitutes approximately 27% of the total demand and it was prayed that the balance outstanding demand be stayed . Thus , it was prayed in nutshell that assessee is willing to deposit Rs. 3.8 crore on or before 30.11.2018 and prayer was made to stay balance outstanding demand of tax and interest due thereon raised by Revenue agai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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