The Income Tax Appellate Tribunal (ITAT), Mumbai Bench stayed the demand proceeding of Rs.55.40 Crores as Mutual Agreement Procedure (MAP) proceedings are still pending against Skoda Auto Volkswagen India.
The appellant, Skoda Auto Volkswagen India Private Limited by way of Stay Application for Assessment Year 2012-13, seeks extension of stay of outstanding demand of Rs.55.40 Crores out of total demand of Rs.78.80 Crores.
The last of such extensions was granted by the Tribunal for a period of 180 days or till the disposal of appeal, whichever is earlier and accordingly, the stay has already expired.
The assessee reiterated that MAP proceedings are still pending with competent authority for a year under consideration and the same shall have direct bearing on assessed income.
It has been submitted that MAP proceedings are underway and likely to be settled.
It was further contended that the assessee has duly complied with all the conditions imposed in earlier stay orders including partial payment of outstanding demand and the assessee has already paid more than 30% of the total demand. The quantum appeal is stated to be fixed for hearing on November 10, 2020.
On the other hand the DCIT opposed any further extension of stay.
The two member bench of the tribunal consisting of Judicial Member Saktijit Dey and Accountant member Manoj Kumar Aggarwal, while allowing the stay application said that he stay is granted for a further period of 180 days from the date of this order or till the disposal of appeal, whichever is earlier.