M/S. CITIZEN WATCHES(INDIA) PVT. LTD.,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 2(1)(1), BANGALORE

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ITA 629/BANG/2017Status: DisposedITAT Bangalore09 September 20202 pages
AI SummaryWithdrawn

What did the Tribunal hold?

The Tribunal agreed to the assessee's request for withdrawal of the appeal. The grounds of appeal were treated as dismissed as withdrawn.

What were the facts?

The assessee filed an appeal against an assessment order. The assessee later sought to withdraw the appeal due to entering into an Advance Pricing Agreement (APA).

What were the issues?

Whether the appeal should be withdrawn by the assessee due to the execution of an Advance Pricing Agreement.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(13),Section 92CC

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BANGALORE BENCHES “ A ” BENCH: BANGALORE

Before: SHRI GEORGE GEORGE K & SHRI B.R. BASKARAN

For Appellant: Shri K.R. Vasudevan, Advocate
For Respondent: Shri Sunil Kumar Singh, CIT (D.R)
Hearing: 08.09.2020

O R D E R

PER SHRI GEORGE GEORGE K, JM :

1.

This appeal at the instance of assessee is directed against the assessment. order passed under Section 143(3) r.w.s. 144C(13) of the Income Tax Act, 1961 ('the Act'). The relevant Assessment Year is 2011-12.

2.

The learned Authorised Representative submitted that the assessee has entered into Advance Pricing Agreement (APA) under Section 92CC of the Act and furnished a copy before us. The learned Authorised Representative is seeking withdrawal of the appeal under consideration vide assessee's letter dt.27.01.2020 in 2 IT(TP)A No.629/Bang/2017 view of the APA, placed in the file. The learned Departmental Representative has no objection for withdrawing the appeal by the assessee. 3. We have heard rival submissions and perused the material on record. As per the request of assessee for withdrawal of grounds of appeal

in this appeal we are inclined to agree for the same and treat the grounds dismissed as withdrawn.

4. In the result, appeal of the assessee is dismissed as withdrawn. Pronounced in the open court on the date mentioned on the caption page.

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