ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-5(1)(1), BANGALORE vs. M/S RAMBUS CHIP TECHNOLOGIES INDIA PVT LTD , BANGALORE

These cross appeals are directed against the order dated 27.12.2017 passed by Ld. CIT(A)-5, Bengaluru and they relate to the assessment year 2012-13. The grounds urged by the assessee relate to transfer pricing adjustment partially confirmed by Ld. CIT(A). The grounds urged by the revenue related to working capital adjustment granted by Ld. CIT(A).

Before us, the assessee has filed a letter dated August, 2, 2021 stating that the dispute has been resolved under Mutual Agreement Procedure (MAP) as per Rule 44G of the Income Tax Rules. Accordingly, the assessee submitted that it is withdrawing the appeal filed by it. The assessee has also furnished a letter dated July, 5, 2021 received from Ministry of Finance, Government of India conveying the MAP resolution. We notice that the TPO has made adjustment of Rs.4,26,74,970/- and the competent authorities have determined the adjustment at Rs.1,52,87,317/-. The Ld. A.R. submitted that the assessee has agreed with the MAP procedure. He further submitted that the appeal filed by the department also related to transfer pricing adjustment only and hence this MAP resolution would cover their appeal also.

We heard Ld. D.R. and perused the record. Since the issue relating to transfer pricing adjustment has been resolved under MAP, we allow the assessee to withdraw its appeal. Consequently, the appeal filed by the department will also not survive. Accordingly, we dismiss the appeal of the revenue. & 1185/Bang/2018 M/s. Rambus Chip Technologies (India) Pvt. Ltd., Bangalore