Apotex Pharmachem (India) Private Limited, Bangalore V. DCIT, Bangalore

ITA 1067/BANG/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 51390 (ITAT-BANGALORE)
• Duration Of Justice: 1 year(s) 3 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-12-2011
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 08-12-2011
• Assessment Year: 2006-2007
• Appeal Filed On: 08-09-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ETWA MUNDA
• Assessee Lawyers: VISHVESHWAR MUDIGONDA
• Keywords: Transfer pricing

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH B BEFORE SHRI BARATHVAJA SANKAR, VICE-PRESIDENT AND SHRI GEORGE GEORGE K, JUDICIAL MEMBER ITA NO.1067(BANG)/2010 (ASSESSMENT YEAR: 2006-07 M/S.APOTEX PHARMACHEM (INDIA)PVT. LTD. # 1A, 4 TH PHASE, BOMMASANDRA INDUSTRIAL ESTATE(PO) BANGALORE-560 099 APPELLANT PAN: AACCB1658E VS. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE 11(1), BANGALORE. RESPONDENT APPELLANT BY: SHRI VISHVESHWAR MUDIGONDA. RESPONDENT BY : SHRI ETWA MUNDA. DATE OF HEARING: 08-12-2011 DATE OF PRONOUNCEMENT: 08-12-2011 O R D E R PER N.BARATHVAJA SANKAR, VP: THIS IS AN APPEAL FILED BY THE ASSESSEE-M/S.APOTEX PHARMACHEM (INDIA)PVT. LTD., FOR THE ASSESSMENT YEA R 2006-07 AGAINST THE ORDER OF THE DEPUTY COMMISSIONER OF INC OME-TAX CIRCLE 11(1), BANGALORE, DATED 8-7-2010. THE ASSES SEE HAS TAKEN GROUNDS ON TRANSFER PRICING ADJUSTMENT. 2. WHEN THE APPEAL WAS POSTED FOR HEARING ON 8-12-2011, THE CHARTERED ACCOUNTANT APPEARING FOR T HE ITA 1067(BANG)/2010 PAGE 2 OF 3 ASSESSEE DREW OUR ATTENTION TO THE LETTER DATED 10 TH NOV.2011 OF THE ASSESSEE (WHICH IS ALREADY ON RECORD) AND SUBMI TTED THAT THE ASSESSEE MAY BE PERMITTED TO WITHDRAW THE APPEA L. 3. WE HAVE ALSO HEARD THE LEARNED DEPARTMENTAL REPRESENTATIVE WHO HAD NO OBJECTION FOR THE ASSESSE ES WITHDRAWING THE APPEAL. WE FIND FROM THE LETTER DA TED 10 TH NOV.2011 OF THE ASSESSEE THAT THE ASSESSEE HAD FILE D A RECTIFICATION PETITION BEFORE THE TRANSFER PRICING OFFICER (TPO) AND THE TPO HAS ACKNOWLEDGED AND RECTIFIED THE MIST AKE AND THUS CONSEQUENT TO THE RECTIFICATION, THE INTERNATI ONAL TRANSACTION IN RESPECT OF THIS SEGMENT WAS TREATED AS AT ARMS LENGTH BY THE TPO AND THE ADJUSTMENTS U/S 92CA HAD BEEN ANNULLED. WE ALSO FIND FROM A COPY OF THE RECTIFIC ATION ORDER ALONG WITH THE LETTER CITED SUPRA. THUS, THE ASSES SEE WANTS TO WITHDRAW THE APPEAL AS THERE REMAINS NO GRIEVANCE F OR THE ASSESSEE. HENCE, WE ARE PERMITTING THE ASSESSEE TO WITHDRAW THE APPEAL AS SOUGHT FOR. 4. IN THE RESULT, THE ASSESSEES APPEAL IS DISMISSE D AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON 8 TH DECEMBER,2011. SD/- SD/- (GEORGE GEORGE K) JUDICIAL MEMBER (N.BHARATHVAJA SANKAR) VICE-PRESIDENT PLACE : BANGALORE DATED: 8 TH DECEMBER,2011. EKS ITA 1067(BANG)/2010 PAGE 3 OF 3 COPY TO : 1. APPELLANT 2. RESPONDENT 3. CIT 4. DR, ITAT, BANGALORE 5. GUARD FILE BY ORDER ASSISTANT REGISTRAR, ITAT, BANGALORE