TARGET CORPORATION INDIA PRIVATE LIMITED,BANGALORE vs. DCIT, BANGALORE

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ITA 680/BANG/2016Status: DisposedITAT Bangalore07 March 2022AY 2011-123 pages
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What did the Tribunal hold?

The assessee's appeal was allowed to be withdrawn based on the MAP resolution. The revenue's appeal was dismissed as the issue was covered by a Supreme Court decision in favor of the assessee.

What were the facts?

The assessee sought to withdraw its appeal after a Mutual Agreement Procedure (MAP) resolution under the India-US DTAA. The revenue's appeal concerned a deduction granted to the assessee under Section 10A.

What were the issues?

Whether the assessee's appeal could be withdrawn due to a MAP resolution. Whether the deduction under Section 10A was allowable in light of Supreme Court precedent.

Which sections of the Income-tax Act were involved?

Section 10A

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Income Tax Appellate Tribunal, ‘B’ BENCH : BANGALORE

Before: SHRI. CHANDRA POOJARI & SMT. BEENA PILLAI

For Appellant: Ms. Rashmi, Advocate, Dr. Manjunath Karkihally

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.

2.

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 . Considering the above request, the appeal filed by assessee is allowed to be withdrawn.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.

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