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Facts
The appellant filed an appeal concerning the determination of the arm's length price of international transactions and levying of interest. During the hearing, the appellant sought to withdraw the appeal. The grounds raised included issues related to advance pricing agreements and the assessment order being barred by limitation.
Held
The appellant sought to withdraw the appeal during the hearing. The grounds of appeal, including those related to advance pricing agreements and limitation, were not pressed by the appellant.
Key Issues
The appeal was dismissed as the appellant withdrew all grounds of appeal, including those related to advance pricing agreements and the limitation of the assessment order.
Sections Cited
234B
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Income Tax Appellate Tribunal, ‘J‘ BENCH
आदेश / O R D E R PER OMKARESHWAR CHIDARA (A.M.): 1. In the case of M/s. Marsh India Insurance Brokers Pvt. Ltd, the appellant filed an appeal for the A.Y.2014-15 with the grounds of appeal relating to determining the arm’s length price of the international transaction of payment for services rendered to the appellant company by its associated enterprises, levying of interest u/s.234B of the Income Tax
M/s. Marsh India Insurance Brokers Pvt. Ltd. Act. The company also raised an additional ground by way of letter dated 28/09/2023 and submitted that the final assessment order dated 28/09/2018 is barred by limitation by relying on the decision of CIT vs. Roca Bathroom Products Pvt. Ltd. 445 ITR 537.
During the course of hearing, on 27/05/2024 the appellant company had stated that they are withdrawing the appeal. On 14/06/2024 a letter was filed before the Registry and the same is reproduced below:-
Ground Particulars Remarks No.
Determining the arm's length The Appellant is price of the international seeking withdrawal of transaction of payment for this ground as an services rendered to the Advance pricing Appellant by its associated agreement has been enterprises as NIL signed by the Appellant with the Revenue on this issue. A copy of the letter dated 17 April 2024 filed by the Appellant for withdrawal of this ground is enclosed as Annexure-2 2. Levying consequential interest The Appellant submits under section 234B of the Act. that this ground is consequential in nature and is not required to be separately adjudicated 3. Additional ground filed by the The Appellant is not letter dated 28 September 2023 pressing this ground M/s. Marsh India Insurance Brokers Pvt. Ltd. on the ground that the final and a copy of the letter assessment order dated 28 dated 6 May 2024 filed September 2018 is barred by by the Appellant for not limitation by relying on the pressing the ground is decision of CIT vs. Roca enclosed as Annexure-3 Bathroom Products Pvt. Ltd. 445 ITR 537
Per contra, the DR did not object for the withdrawal of appeal by appellant company.
In view of the above, the appeal is dismissed as the grounds are not pressed and withdrawn.
Order pronounced on 9th July, 2024.