TaxTMI 
TaxTMI 
2019 (7) TMI 366
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....was selected for scrutiny assessment and notice under section 143(2) along with questionnaire under section 142(1) of the Act was issued and served upon the assessee on 27.12.2013. The ld.AO has made reference to Transfer Pricing Officer (TPO) for determining arm's length price (ALP) value of international transaction. The AO has passed draft order under section 143(3) r.w.s 92CA r.w.s 144C on 31.3.2016. Aggrieved with the draft assessment order, the assessee carried the matter before the Dispute Resolution Panel-2, Mumbai. The ld.DRP has disposed off the objection of the assessee and issued direction to the AO vide order dated 30.12.2016. In pursuance of the DRP's order, the ld.AO has passed final assessment order and raised the demand of Rs. 2004.94 crores including interest component of Rs. 738.09 crores) vide order dated 23.1.2017. It is pleaded in the application that out of the demand, a sum of Rs. 560.57 crores has been paid. By way of present application, stay of balance amount of outstanding demand is being sought. 3. The ld.counsel for the assessee at the very outset contended that earlier the assessee has moved an application dated 23.8.2018 before the Pr.CIT-2, Va....
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.... Appellate for AY 08-09 5 Disallowance of Gifts and Freebies to Doctors 1,36,16,611 Covered by the decision of ITAT in the case of Macleods Pharmaceuticals Ltd., 74 taxmann.com250 (Mum-Trib.) and PHL Pharma P.Ltd., ITA No.4605/Mum/2014 AY 09-10 6 Disallowance of marked to Market loss 6,67,29,40,000 Covered by the decision of Supreme Court in the case of CIT Vs. Woodward Governor India P.Ltd., 179 taxman 326 (SC). Total Covered addition (Rs. 22,30,35,72l,020/- 1.2.1.Further in respect of the following grounds where the claim for deduction was made by the Appellant by way of notes to computation of income no relief has been granted by the Assessing Officer as well as Honourable Dispute Resolution Panel. In this regard, we would submit before your Honours that the grounds as enumerated below, being claimed by the Appellant by way of Notes, have also been decided by the Honourable Income Tax Appellate Tribunal in favour of the Appellant in the earlier assessment years: Ground No. Ground for disallowance/addition Amount (in Rs.) Remarks 1. Contribution to Ranbaxy Community Healthcare Society and Ranbaxy Science....
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....ication of the assessee. Pr.CIT-2, Vadodara has passed an order on 21.8.2017. The application has been disposed of with the following conditions: a. Stay of outstanding demand of Rs. 1804.94 cr. For A.Y.2012-13 is further extended till 28.2.2018 or the order of the Hon'ble ITAT, Ahmedabad, which ever is earlier. b. In case, the order of the Hon'ble ITAT, Ahmedabad is not received till 28.02.2018, the matter of stay in this case will be reviewed in the first week of March, 2018 and the Department shall consider the payment of outstanding demand, including fixing of instalments. c. Any refund subsequently arising to the assessee or the amalgamating company considering the 'A' has gone through a merger w.e.f 01.04.2014 shall be adjusted against the aforesaid outstanding demand in the case of the assessee. 5. The assessee has never felt aggrieved with the order of the CIT passed two years back. It has filed an application for extension of this direction. For buttressing his contention, he took us through a letter dated 21.3.2018 on page no.6 of the paper book filed along with Stay Petition. In this application, the assessee sought extension....
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....rcise its discretion for grant of stay. The Specific Relief Act is one of the enactments which contemplates how discretion for granting of the stay is to be exercised by the appellate authorities, viz. (a) there should be prima facie case on merit, (b) there should be an irreparable loss going to be caused to the applicants which will not be compensated in terms of money. Other hardships which if weigh in the light of the circumstances, and demonstrate that balance of convenience, equity and fair play would be in favour of the applicant. It is pertinent to observe that a demand raised by the AO is akin to a money decree and money decrees are not to be stayed by the higher appellate authorities because in case money is recovered it can be refunded with interest. It should be stayed only when it is demonstrated that recovery of money would cause such irreparable loss which will not be compensated in terms of money; for example, if recovery of the amount close down business of the assessee or recovery of the amount by way of auction or other coercive means will destroy physical structure of the company and uproot it from its business premises, then outstanding ought to be stayed. We h....