The Income Tax Appellate Tribunal (ITAT), Bangalore Bench allows the dispute to be withdrawn in respect of the grounds challenging the Transfer Pricing (TP) addition due to Unilateral Advance Pricing Arrangement (APA).
The assessee, M/s. Citizen Watches (India) Pvt. Ltd. has entered into an Advance Pricing Agreement (APA) under Section 92CC of the Act. The assessee seeks to withdraw the appeal under consideration vide assessee’s letter in view of the APA, placed in the file.
The Departmental Representative had no objection for withdrawing the appeal by the assessee.
The assessee pointed out that as against the order of the AO, the assessee company had filed appeal before this Tribunal. He also pointed out that in view of the Unilateral APA between the assessee and the CBDT with reference to the TP issues for Assessment Year 2011-12, the assessee withdrew its appeal with reference to the grounds challenging the TP addition.
The two-member bench of Judicial Member B.R. Baskarn and Accountant Member George K as per the request of assessee for withdrawal of grounds of appeal in this appeal, agreed for the same and treat the grounds dismissed as withdrawn.
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