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TMI Blog2020 (4) TMI 532X X X X Extracts X X X X X X X X Extracts X X X X ..... t the refund of ₹ 193.34 crores arising to the assessee for A. Y. 2010-11 against outstanding demand for A.Y.2014-15. The request of the assessee for out of turn hearing is also accepted and the appeal is fixed for hearing on 16.04.2020 which was announced in the open court. The assessee is hereby directed to file the paper book in advance and not to seek any adjournment under any pretext failing which the stay granted to the assessee shall stand vacated automatically. - Stay Application No.87/Del/2020 (In ITA No. 583/Del/2020) - - - Dated:- 7-2-2020 - Sh. Bhavnesh Saini, Accountant Member And Sh. R. K. Panda, Judicial Member For the Appellant : Sh. Percy Pardiwala, Sr. Advocate, Sh. Sachit Jolly, Advocate For the Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year 2014-15 pursuant to a scheme of arrangement u/s. 391 of the companies Act, 1956. 3. While explaining a prima facie case in favour of the assessee, the Ld. Counsel for the assessee made two fold arguments. He submitted that the AO in the assessment order has mentioned the name of the assessee as Genpact India (now merged with Genpact India Private Limited, PAN No. AABCE4461B) . 4. Relying on various decisions he submitted that assessment order passed in the name of the amalgamating company instead of in the name of the amalgamated company is not valid. 5. The second plank of his argument was that the provisions of section 115 QA as it stood at the relevant time is not applicable. According to him the buyback of shares in exce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rima facie case in its favour and rather the revenue has got a strong case in its favour. So far as the financial condition of the assessee is concerned the Ld. DR drew the attention of the Bench to the balance sheet of the assessee company as on 31.03.2019 and submitted that the assessee has cash and bank balance of ₹ 2789 Million. Further the total tax alongwith interest u/s. 220 is about 1100 crores and, therefore, the assessee should be directed to pay at least 50% of the outstanding demand. 8. We have considered the rival arguments made by both the sides and perused the record. After considering the totality of the facts of the case and perusal of the record, we are of the considered opinion that assessee has prima facie case ..... X X X X Extracts X X X X X X X X Extracts X X X X
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