Assistant Commissioner of Income Tax Circle-5(1)(1), Bangalore V. M/s Rambus Chip Technologies India Pvt Ltd , Bangalore

ITA 1185/BANG/2018

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 8939 (ITAT-BANGALORE)
• Duration Of Justice: 3 year(s) 4 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-08-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 11-08-2021
• Assessment Year: 2012-2013
• Appeal Filed On: 09-04-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHANTHA KUMAR
• Keywords: Transfer pricing
• Section: 13

Judgement Text

ITA NO.1073 & 1185/BANG/2018 M/S. RAMBUS CHIP TECHNOLOGIES (INDIA) PVT. LTD., BA NGALORE IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH: BANGALORE BEFORE SHRI B. R. BASKARAN, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA NO.1073/BANG/2018 ASSESSMENT YEAR: 2012 13 M/S. RAMBUS CHIP TECHNOLOGIES (INDIA) PVT. LTD. 12 TH FLOOR, TOWER C& D IBC KNOWLEDGE PARK 4/1, BANNERGHATTA ROAD BANGALORE 560 029. PAN NO : AACCR8522M VS. JCIT (OSD) CIRCLE-5(1)(1) BANGALORE APPELLANT RESPONDENT ITA NO.1185/BANG/2018 ASSESSMENT YEAR: 2012 13 ACIT CIRCLE-5(1)(1) BANGALORE VS. M/S. RAMBUS CHIP TECHNOLOGIES (INDIA) PVT. LTD. 12 TH FLOOR, TOWER C& D IBC KNOWLEDGE PARK 4/1, BANNERGHATTA ROAD BANGALORE 560 029. APPELLANT RESPONDENT APPELLANT BY : SHRI SHANTHA KUMAR, A.R. RESPONDENT BY : SMT. SUPRIYA RAO, D.R. DATE OF HEARING : 11.08.2021 DATE OF PRONOUNCEMENT : 11.08.2021 ITA NO.1073 & 1185/BANG/2018 M/S. RAMBUS CHIP TECHNOLOGIES (INDIA) PVT. LTD., BA NGALORE PAGE 2 OF 3 O R D E R PER B.R. BASKARAN, ACCOUNTANT MEMBER: THESE CROSS APPEALS ARE DIRECTED AGAINST THE ORDER DATED 27.12.2017 PASSED BY LD. CIT(A)-5, BENGALURU AND TH EY RELATE TO THE ASSESSMENT YEAR 2012-13. THE GROUNDS URGED BY THE A SSESSEE RELATE TO TRANSFER PRICING ADJUSTMENT PARTIALLY CONFIRMED BY LD. CIT(A). THE GROUNDS URGED BY THE REVENUE RELATED TO WORKING CAP ITAL ADJUSTMENT GRANTED BY LD. CIT(A). 2. BEFORE US, THE ASSESSEE HAS FILED A LETTER DATED AUGUST, 2, 2021 STATING THAT THE DISPUTE HAS BEEN RESOLVED UNDER MU TUAL AGREEMENT PROCEDURE (MAP) AS PER RULE 44G OF THE INCOME TAX R ULES. ACCORDINGLY, THE ASSESSEE SUBMITTED THAT IT IS WITH DRAWING THE APPEAL FILED BY IT. THE ASSESSEE HAS ALSO FURNISHED A LET TER DATED JULY, 5, 2021 RECEIVED FROM MINISTRY OF FINANCE, GOVERNMENT OF INDIA CONVEYING THE MAP RESOLUTION. WE NOTICE THAT THE T PO HAS MADE ADJUSTMENT OF RS.4,26,74,970/- AND THE COMPETENT AU THORITIES HAVE DETERMINED THE ADJUSTMENT AT RS.1,52,87,317/-. THE LD. A.R. SUBMITTED THAT THE ASSESSEE HAS AGREED WITH THE MAP PROCEDURE. HE FURTHER SUBMITTED THAT THE APPEAL FILED BY THE DEPA RTMENT ALSO RELATED TO TRANSFER PRICING ADJUSTMENT ONLY AND HENCE THIS MAP RESOLUTION WOULD COVER THEIR APPEAL ALSO. 3. WE HEARD LD. D.R. AND PERUSED THE RECORD. SINCE THE ISSUE RELATING TO TRANSFER PRICING ADJUSTMENT HAS BEEN RE SOLVED UNDER MAP, WE ALLOW THE ASSESSEE TO WITHDRAW ITS APPEAL. CONS EQUENTLY, THE APPEAL FILED BY THE DEPARTMENT WILL ALSO NOT SURVIV E. ACCORDINGLY, WE DISMISS THE APPEAL OF THE REVENUE. ITA NO.1073 & 1185/BANG/2018 M/S. RAMBUS CHIP TECHNOLOGIES (INDIA) PVT. LTD., BA NGALORE PAGE 3 OF 3 4. IN THE RESULT, BOTH THE APPEALS ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 11 TH AUG, 2021 SD/- (BEENA PILLAI) JUDICIAL MEMBER SD/- (B.R. BASKARAN) ACCOUNTANT MEMBER BANGALORE, DATED 11 TH AUG, 2021. VG/SPS COPY TO: 1. THE APPLICANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT(A) 5. THE DR, ITAT, BANGALORE. 6. GUARD FILE BY ORDER ASST. REGISTRAR, ITAT, BANGALORE.