YKK INDIA P. LTD,NEW DELHI vs. ACIT, CIRCLE-27(2), NEW DELHI

PDF · subscribers
ITA 1321/DEL/2021Status: DisposedITAT Delhi19 January 2023AY 2016-172 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal allowed the assessee's request to withdraw the appeal. Since the matters in dispute were settled by the APA, the appeal was dismissed as withdrawn.

What were the facts?

The assessee filed an appeal against the AO's order. During the hearing, the assessee requested to withdraw the appeal. This request was made because an Advance Pricing Agreement (APA) was signed, which covered the issues raised in the appeal.

What were the issues?

Whether an appeal can be withdrawn when the underlying issues have been settled by an Advance Pricing Agreement.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘I’, NEW DELHI

Before: Dr. B. R. R. KumarSh. Yogesh Kumar US

For Appellant: Adv
Hearing: 24.11.2022Pronounced: 19.01.2023

Per Dr. B. R. R. Kumar, Accountant Member:

1.

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.

2.

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.”

3.

The ld. DR did not object on the request of the assessee.

4.

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.

More judgments on Section 271(1)(c)

All 25,141 judgments and leading authorities on Section 271(1)(c) →

Recent GST High Court judgments

Search GST case law →