FARE PORTAL INDIA PRIVATE LIMITED ,NEW DELHI vs. ACIT CIRCLE-7(1), NEW DELHI

The instant appeal has been filed at the instance of The instant appeal has been filed at the instance of the assessee seeking assessee seeking to assail the order dated to assail the order dated 27.05.2022 passed by the Ld. DC/ACIT TP 1(2)(2) DC/ACIT TP 1(2)(2), Delhi against arising from the assessment order dated against arising from the assessment order dated 30.05.202 .2022 passed u/s 143(3) r.w.s 144C(13) of the Act pertaining to 3) of the Act pertaining to Assessment Year 2018 ear 2018-19.

The Ld. Counsel for the assessee Ld. Counsel for the assessee prayed that the present appeal prayed that the present appeal may be permitted to be withdrawn permitted to be withdrawn in light of APA dated 01.10.2024. An application . An application dated 08.11.2024 filed by the Ld. Counsel for the assessee company, is also dated 08.11.2024 filed by the Ld. Counsel for the assessee company, is also dated 08.11.2024 filed by the Ld. Counsel for the assessee company, is also placed on record. The relevant e relevant contents of the application are reproduced as reproduced as under:- “This is regarding the subject income tax appeal which is pending before egarding the subject income tax appeal which is pending before egarding the subject income tax appeal which is pending before this Hon'ble Tribunal and is next listed for hearing before the Hon'ble this Hon'ble Tribunal and is next listed for hearing before the Hon'ble this Hon'ble Tribunal and is next listed for hearing before the Hon'ble I-Bench on 12 November 2024. Bench on 12 November 2024. During the pendency of this appeal, on 01 October 2024, the Appellant has During the pendency of this appeal, on 01 October 2024, the Appellant has During the pendency of this appeal, on 01 October 2024, the Appellant has entered into an APA with the CBDT wherein the subject AY 2018 to an APA with the CBDT wherein the subject AY 2018-19 is one to an APA with the CBDT wherein the subject AY 2018 APA. A copy of the signed APA dated 01 of the roll back years in the APA. A copy of the signed APA dated 01 of the roll back years in the APA. A copy of the signed APA dated 01 October 2024 is annexed herewith as Annexure A. October 2024 is annexed herewith as Annexure A. Since the appeal involves only transfer pricing issues which are covered Since the appeal involves only transfer pricing issues which are covered Since the appeal involves only transfer pricing issues which are covered issues under the signed APA, the Appellant wishes to withdraw the appeal es under the signed APA, the Appellant wishes to withdraw the appeal es under the signed APA, the Appellant wishes to withdraw the appeal in light of the APA dated 01 October 2024. in light of the APA dated 01 October 2024. In case the modified return filed by the Appellant, pursuant to the signed In case the modified return filed by the Appellant, pursuant to the signed In case the modified return filed by the Appellant, pursuant to the signed APA and the withdrawal of the appeal, is not accepted by the Departme APA and the withdrawal of the appeal, is not accepted by the Department APA and the withdrawal of the appeal, is not accepted by the Departme for any reason, the Appellant humbly seeks the leave of this Hon'ble for any reason, the Appellant humbly seeks the leave of this Hon'ble for any reason, the Appellant humbly seeks the leave of this Hon'ble Tribunal to apply for restoration of this appeal.” Tribunal to apply for restoration of this appeal.”

The Ld. CIT DR for the Revenue for the Revenue has no objection in this regard. in this regard.

We have heard rival submissions and perused the materia We have heard rival submissions and perused the material available on We have heard rival submissions and perused the materia record. In view of the prayer made by Ld. Authorized Representative of the record. In view of the prayer made by Ld. Authorized Representative of the record. In view of the prayer made by Ld. Authorized Representative of the assessee vide letter dated 08.11.2024, assessee vide letter dated 08.11.2024, /Del/2022 [Assessment Year 2018-19] is permitted to be withdrawn. permitted to be withdrawn. The Revenue has also not The Revenue has also not expressed any objections. The assessee is however, granted liberty to seek objections. The assessee is however, granted liberty to seek objections. The assessee is however, granted liberty to seek restoration of appeal in accordance with law for adjudication on merits, if restoration of appeal in accordance with law for adjudication on merits, if restoration of appeal in accordance with law for adjudication on merits, if circumstances so arise in the ensuing times. circumstances so arise in the ensuing times.