STERLITE TECHNOLOGIES LTD (EARLIER ELITECORE TECH. PVT, LTD AND...),AHMEDABAD vs. DCIT, CIRCLE-2(1)(1), AHMEDABAD

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ITA 2037/AHD/2018Status: DisposedITAT Ahmedabad15 September 2021AY 2013-142 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 accepted the assessee's request to withdraw the appeal. The issue was considered academic as the foreign tax credit was expected to be allowed as a credit against taxes.

What were the facts?

The assessee filed an appeal before the ITAT challenging the disallowance of foreign tax credit as a deductible expense. The assessee later filed a letter seeking withdrawal of the appeal.

What were the issues?

Whether foreign tax credit should be allowed as a deductible expense or as a credit against taxes. The appeal was withdrawn as the issue became academic.

Which sections of the Income-tax Act were involved?

Section 37(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AHMEDABAD – BENCH ‘A’

Before: SHRI RAJPAL YADAV, VICE- & SHRI WASEEM AHMED

For Appellant: Shri Pawan Kast, AR
For Respondent: Shri R.R. Makwana, Sr.DR
Hearing: 15/09/2021Pronounced: 15/09/2021

PER WASEEM AHMED, ACCOUNTANT MEMEBR: Assessee is in appeal before the Tribunal against order of the ld.CIT(A)-6, Ahmedabad dated 11.7.2018 passed for the Asstt.Year 2013-14.

2.

When the case was taken up for hearing, it is brought to the notice of the Bench that assessee through its authorized representative, Shri Pawan Kumar Kast has filed a letter dated 1.12.2020 seeking withdrawal of its appeal pending before the Tribunal. Contents of the said letter read as under:

1.

“ ….. Re: Sterlite Technologies Limited ('STL') Assessment Year ('AY') 2013-2 Hearing scheduled on 3 December 2020 - Withdrawal of appeal We refer to the captioned appeal scheduled for hearing on 3 December 2020 before Your Honours. In connection with the same, we respectfully submit that STL has filed this appeal before Your Honour's on the ground of ailowability of impermissible foreign tax credit under Section 37(1) of the Act. The issue is covered in favour of STL by later decision of the present bench in the case of Virmati Software & Telecommunication limited vs DCIT (ITA No. 1135/AHD/2017).

However, STL believes that entire foreign tax credit shall in-fact be allowed as credit against taxes by the learned Assessing officer to STL while passing order giving effect to CIT (A)'s order. Hence, the question of allowing the impermissible foreign tax credit as deductible expense under section 37 becomes academic.

In view of the same, STL wishes to withdraw this appeal filed before this Hon'ble Tribunal.

We trust Your Honours would accept our request. The inconvenience caused to Your Honours is highly regretted.

Thanking you, Yours faithfully, For Sterlite Technologies Ltd. Sd/- Pawan Kumar Kast Authorised Signatory.”

3.

The AR of the assessee accordingly prays that in view of the issue being academic in nature only, the assessee does not want pursue its appeal, the same may accordingly be allowed to be withdrawn.

4.

In view of the above letter of the assessee and request of the AR of the assessee, for want of prosecution, appeal of the assessee is dismissed as withdrawn.

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