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Income Tax Appellate Tribunal, “C” BENCH: KOLKATA
Before: Shri M. Balaganesh, AM & Shri S. S. Viswanethra Ravi, JM]
ORDER Per Shri M. Balaganesh, AM: These cross appeals by assessee and revenue are arising out of order of Dispute Resolution Panel, Kolkata vide F. No. DRP/KOL/Sectt/2014-15 dated 28.11.2014. Assessment was framed by DCIT, Circle-2(1), Kolkata u/s. 143(3)/144C of the Income tax Act, 1961 (hereinafter referred to as the “Act”) for AY 2010-11 vide his order dated 18.02.2015.
The Ld. Counsel for the assessee vide letter dated 19.04.2016 submitted as under:
“The hearing for the captioned appeal is scheduled on 19 April 2016 wherein relates to the appeal filed by the Revenue and I.T.A. No. 448/Kol/2015 relates to the appeal filed by the Appellant. In this regard, the Appellant would like to inform that, it had filed for an Advance Pricing Agreement ('APA') for the period beginning from Financial Year (FY) 2013-14 to FY 2017-18 with the Central Board of Direct Taxes ('CBDT'). Further, it also filed for the rollback of the said APA for four previous years i.e. FY 2009-10 to FY 2012-13. The APA has now been finalized and signed with the CBDT on 31st March 2016. The copy of the same is attached herewith as Annexure 1 to the letter. In this regard, as AY 2010-11 falls under the APA period as per the roll back mechanism, the pricing for the international transactions would be governed by the terms and conditions as agreed in the APA. Rule 10RA(4) and Rule 10RA(5) of the Income-tax Rules, 1962 requires that any appeal pending before the Hon'ble Tribunal needs to be withdrawn in so far as the issues are covered by the APA.
2 & 586/K/2015 Ixia Technologies Pvt. Ltd. AY 2010-11 The relevant extract of the aforesaid Rules is reproduced below: (4) If any appeal filed by the applicant is pending before the Commissioner (Appeals), Appellate Tribunal or the High Court for a rollback year, on the issue which is the subject matter of the rollback provision for that year, the said appeal to the extent of the subject covered under the agreement shall be withdrawn by the applicant before furnishing the modified return for the said year. (5) If any appeal filed by the Assessing Officer or the Principal Commissioner or Commissioner is pending before the Appellate Tribunal or the High Court for a rollback year, on the issue which is subject matter of the rollback provision for that year, the said appeal to the extent of the subject covered under the agreement shall be withdrawn by the Assessing Officer or the Principal Commissioner or the Commissioner, as the case may be, within three months of filing of modified return by the applicant. In view of this, the Appellant would humbly like to withdraw ITA Appeal No. 448/Kol/2015 (Ground Nos. 1 to 15) filed on 20th April 2015 since it relates to issues covered in the Advance Pricing Agreement.”
In view of the aforesaid provisions of the Rule 10RA(4) and 10RA(5) of the I. T. Rules, 1962, we hereby dismiss the appeal of assessee as withdrawn. Since the issues of appeal of revenue are covered by the Advance Pricing Agreement, revenue’s appeal also needs to be withdrawn and hence, the same is dismissed.
In the result, both the appeals of assessee and revenue are dismissed.
Order is pronounced in the open court on 01.07.2016
Sd/- Sd/- (S.S. Viswanethra Ravi) (M. Balaganesh) Judicial Member Accountant Member
Dated : 1st July, 2016 Jd.(Sr.P.S.)
Copy of the order forwarded to: