M/S TIMEX GROUP INDIA LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

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ITA 2339/DEL/2017Status: DisposedITAT Delhi28 February 2020AY 2012-132 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal noted that the issue relating to AMP expenditure was resolved through the APA. The assessee sought to withdraw the appeal based on this resolution.

What were the facts?

The assessee filed an appeal against an order for Assessment Year 2012-13. The assessee later entered into an Advance Pricing Agreement (APA) with the CBDT covering the period of this appeal.

What were the issues?

Whether the appeal can be withdrawn as the issue has been resolved by an Advance Pricing Agreement.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘I-1’ NEW DLEHI

Before: SHRI R. K. PANDA & SHRI K. NARASIMHA CHARY

For Appellant: Shri Aayush Nagpal, Advocate
For Respondent: Shri Surender Pal, CIT-D.R
Hearing: 27/02/2020

This appeal is filed by the assessee against the order of the Addl. Commissioner of Income Tax, Special Range – 9, New Delhi dated 27.01.2017 for Assessment Year 2012-13.

2.

At the outset, it is submitted on behalf of the assessee that the assessee has entered into an Advance Pricing Agreement (“APA”) with the Central Board of Direct Taxes on 29.11.2019 in relation to the issue of AMP expenditure for 9 year period covering Assessment Years 2012-13 to 2020-21 and since this appeal for Assessment Year 2012-13 is the first year under rollback, the issue relating to AMP adjustment stands resolved through the APA.

3.

In view of this APA, assessee seeks to withdraw the appeal. The Learned DR reports no objection. Recording the same, appeal is dismissed as withdrawn.

4.

In the result, appeal of the assessee is dismissed as withdrawn.

Pronounced in open court on this the 28th of February 2020.

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