In the instant case, ITAT allows the assessee to withdrawn the appeal filed for challenging the transfer pricing (TP) adjustment due to Advance pricing agreement (APA) filed u/s 92CC of the Income tax Act.
FULL TEXT OF THE ITAT JUDGEMENT
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 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withdrawal of grounds of appeal in this appeal we are inclined to agree for the same and treat the grounds dismissed as withdrawn.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 In the result, appeal of the assessee is dismissed as withdrawn.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.