Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, ‘B’ BENCH : BANGALORE
Before: SHRI. CHANDRA POOJARI & SMT. BEENA PILLAI
ORDER
PER BEENA PILLAI, JUDICIAL MEMBER Present cross appeals are filed by revenue as well as assessee against the assessment order dated 27.01.2016 by the Ld.DCIT, Circle-7(1)(1), Bangalore u/s. 143(3) r.w.s. 144C(3) of the Act for Assessment Year 2011-12.
At the outset the Ld.AR at the time of hearing filed a letter dated 10/02/2022, wherein it is submitted that assessee filed application under Article 27 of India US-DTAA, for initiation of MAP Page 2 of 3 IT(TP)A Nos. 680 & 562/Bang/2016 proceedings. It is submitted that MAP resolution has been passed in that respect on 13/12/2021, pursuant to which assessee has expressed it intention to accept the terms mutually agreed between the Competent Authorities. In that respect assessee wishes to withdraw the appeal filed by it before this Tribunal pertaining to entire transfer pricing adjustment proposed for year under consideration. Assessee thus in the letter dated 10/02/2022, seeks to withdraw its appeal in ITA no. 680/Bang/2016. Considering the above request, the appeal filed by assessee is allowed to be withdrawn. Revenue’s Appeal: 3. The only issue raised by revenue in their appeal is regarding the deduction granted to assessee u/s. 10A of the eligible unit. It is submitted by both sides that this issue now stands covered in favour of assessee by the decision of Hon’ble Supreme Court in case of CITvs.HCL Technologies Ltd. reported in (2018) 93 taxmann.com 33. Accordingly this ground raised by revenue stands dismissed. In the result the result appeal filed by assessee stands dismissed as withdrawn and appeal filed by revenue stands dismissed. Order pronounced in open court on 07th March, 2022.