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Income Tax Appellate Tribunal, BANGALORE BENCHES : “B”, BANGALORE
Before: SHRI N.V.VASUDEVAN & SHRI A.K.GARODIA
PER SHRI N.V.VASUDEVAN, VICE PRESIDENT :
This is an appeal by the assessee against the final order of assessment dated 30-01-2015 passed by the DCIT, Circle-5(1)(2), Bengaluru u/s 143(3) read with section 144C of the IT Act, 1961 (The Act) relating to assessment year 2010-11.
In this appeal, the issues raised by the assessee in the grounds of appeal relate to determination of Arms Length Price (ALP) in respect of IT(TP)A No.246(B)/2015 2 an international transaction between the assessee and its associated enterprises(AE). The determination of ALP was made in accordance with sec.92 of the Act, which lays down that any income arising from international transaction has to be determined having regard to ALP.
3. At the time of hearing, ld.counsel for the assessee submitted a letter from the assessee dated 22-06-2018 in which the assessee has informed this Tribunal that the issues with regard to transfer pricing adjustment and determination of ALP has been settled under the Mutual Agreement Procedure(MAP) as per the Double Taxation Avoidance Agreement (DTAA) between India and Netherlands in which the Netherlands Competent Authority and Indian Competent Authority, have resolved and settled the issue. The assessee has therefore prayed that the appeal may be treated as withdrawn.
We have considered the request made on behalf of the assessee and we are of the view, that in view of the settlement under the Mutual Agreement Procedure(MAP) and also the request from the assessee for withdrawal of the appeal, we dismiss the appeal as withdrawn.
In the result, the appeal filed by the assessee is dismissed as withdrawn.
Order pronounced in the open court on 22ndJanuary, 2020.