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Facts
The assessee, Omron Automation (P) Ltd., filed appeals for Assessment Years 2016-17 and 2018-19 before the Income Tax Appellate Tribunal. During the hearing, the assessee submitted applications dated 02.05.2024 expressing a desire to withdraw the appeals, stating that the issues involved had been resolved under the Mutual Agreement Procedure (MAP).
Held
The Tribunal acknowledged the assessee's submission that the issues involved in the appeals had been resolved under the Mutual Agreement Procedure (MAP). Accordingly, the Tribunal allowed the assessee to withdraw its appeals and dismissed them as 'withdrawn'.
Key Issues
Whether appeals filed by an assessee can be permitted to be withdrawn when the underlying issues have been resolved under the Mutual Agreement Procedure (MAP).
Sections Cited
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Income Tax Appellate Tribunal, DELHI BENCHES : I : NEW DELHI
Before: SHRI G.S. PANNU, HON’BLE & SHRI ANUBHAV SHARMA
ORDER PER ANUBHAV SHARMA, JM: At the time of hearing, vide applications dated 02.05.2024 placed on record, the assessee submitted that the assessee desired to withdraw the instant appeals since the issues involved in the appeals have been resolved under Mutual Agreement Procedure (MAP) and, therefore, requested that the instant appeals may be allowed to be withdrawn.
In the light of the above submissions, the assessee is allowed to withdraw its appeals.