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M/s. Towers Watson India Pvt. Ltd., 511/512, Solitaire Corporate Park, 151, Andheri Kurla Road, Andheri (East), Mumbai 400 093 Vs. The ACIT, Circle 11(3)1,Room No.427, 4th Floor, Aayakar Bhavan, M.K. Road, Mumbai 400 020
March, 30th 2015
                    ,                           ` '   
               IN THE INCOME TAX APPELLATE TRIBUNAL,
                      MUMBAI BENCH "K", MUMBAI

                  ,       ,                        
          BEFORE SHRI RAJENDRA, ACCOUNTANT MEMBER AND
               SHRI SANJAY GARG, JUDICIAL MEMBER

                                  SA No.91/M/2015
                     (  ./ITA No.1140/M/2015)
                     (     / 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,                        / Vs.     M.K. Road,
        151, Andheri Kurla Road,               Mumbai ­ 400 020
        Andheri (East),
        Mumbai ­ 400 093
        PAN: AAACG2955K
              ( /Appellant)                         (  /Respondent)


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

          / Date of Hearing
                                              : 27.03.2015
          /Date of Pronouncement              : 27.03.2015

                                   / 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
                                                       (     ./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
                                                       (     ./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.
                                   27.03.2015    



                   Sd/-                                  Sd/-
            (     / Rajendra)                        (  / Sanjay Garg)
   / ACCOUNTANT MEMBER                             / JUDICIAL                 MEMBER


/Mumbai;          /Dated 27.03.2015

* Kishore

                 /Copy of the Order forwarded to :
1.    / The Appellant
2.      / The Respondent.
3.     () / The CIT(A)-
4.      / CIT
5.              ,     ,  / DR, ITAT, Mumbai

6.     / Guard file.

                                                                    / BY ORDER,

                           //True Copy//


                                              /  (Dy./Asstt.                  Registrar)
                                                   ,  / ITAT, Mumbai

 
 
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