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Income Tax Appellate Tribunal, DELHI BENCH ‘I’, NEW DELHI
Before: Dr. B. R. R. KumarSh. Yogesh Kumar US
Per Dr. B. R. R. Kumar, Accountant Member:
The present appeal has been filed by the assessee against the order of the AO, New Delhi u/s 143(3) read with sections 143(3A) and 143(3B) of the Income Tax Act, 1961 dated 30.03.2021.
At the time of hearing the assessee made request to withdraw the appeal and in this regard the assessee submitted a letter dated 24.11.2022 which is as under:-
“Re: YKK India Private Limited ("YKK India" or "the Appellant") Assessment Year ("AY") 2016- 17 Sub: Application for withdrawal of appeal filed before Income Tax Appellate Tribunal This is in reference to the captioned appeal filed by the Appellant on 28.05.2021 for AY 2016-17, listed for hearing before Hon'ble Bench today. The Appellant wishes to inform that the Appellant had filed an application for Unilateral Advance Pricing Agreement ('APA') on 27 March 2018 in respect to all the international transactions undertaken by the Appellant with its Associated Enterprises. We wish to highlight that the APA covers the transactions/issues which were disallowed by the Ld. TPO and upheld by the Ld. DRP and Ld. AO against which the Appellant had preferred an appeal before the Hon'ble Tribunal. APA has been signed on 30 March 2022 and it covers the period from AY 2015-16 to AY 2022-23. Copy of the APA agreement is enclosed as Annexure 1 for your reference.
Basis the above facts, the Appellant seek Hon'ble Bench's permission to withdraw Ground Nos. 1 to 8, alongwith any sub grounds as also grounds of appeal no. 9 pertaining to initiation of penalty proceedings under section 271(l)(c) being consequential in nature.
We trust that the request of the Appellant would be acceded to. In case you need any other clarification in this regard, we shall be happy to provide the same.”
The ld. DR did not object on the request of the assessee.
We have gone through the request submitted by the Ld. AR and since the matters have been settled by APA, the appeal is dismissed as withdrawn.