YKK India P. Ltd, New Delhi V. ACIT, Circle-27(2), New Delhi

ITA 1321/DEL/2021

AI Insights

YKK India P. Ltd filed an appeal against the order of the AO, New Delhi under sections 143(3), 143(3A), and 143(3B) of the Income Tax Act, 1961, dated 30.03.2021. The appeal was related to disallowed international transactions with associated enterprises, which were initially addressed by the Transfer Pricing Officer (TPO) and upheld by the DRP and AO. However, following the signing of an APA that covered these transactions, the appellant requested to withdraw the appeal. The Tribunal acceded to this request, leading to the dismissal of the appeal as withdrawn.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 131076 (ITAT-DELHI)
• Duration Of Justice: 1 year(s) 3 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-01-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: I
• Next Hearing Date: 23-11-2022
• Assessment Year: 2016-2017
• Appeal Filed On: 04-10-2021
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: S. CHAKARBORTY
• Keywords: Transfer pricing
• Section: 143(3)

Judgement Text

Page | 1 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘I’, NEW DELHI Before Dr. B. R. R. Kumar, Accountant Member Sh. Yogesh Kumar US, Judicial Member ITA No. 1321/Del/2021: Asstt. Year: 2016-17 YKK India P. Ltd, S-353, Ground Floor, Panchsheel Park, New Delhi Vs ACIT, Circle-27(2), New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACY0201G Assessee by : Sh. S. Chakarborty, Adv . Revenue by : None Date of Hearing: 24.11.2022 Date of Pronouncement: 19.01.2023 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the assessee against the order of the AO, New Delhi u/s 143(3) read with sections 143(3A) and 143(3B) of the Income Tax Act, 1961 dated 30.03.2021. 2. At the time of hearing the assessee made request to withdraw the appeal and in this regard the assessee submitted a letter dated 24.11.2022 which is as under:- “Re: YKK India Private Limited ("YKK India" or "the Appellant") ITA No. 1321/Del/2021 for Assessment Year ("AY") 2016- 17 Sub: Application for withdrawal of appeal filed before Income Tax Appellate Tribunal This is in reference to the captioned appeal filed by the Appellant on 28.05.2021 for AY 2016-17, listed for hearing before Hon'ble Bench today. The Appellant wishes to inform that the Appellant had filed an application for Unilateral Advance Pricing Agreement ('APA') on Page | 2 27 March 2018 in respect to all the international transactions undertaken by the Appellant with its Associated Enterprises. We wish to highlight that the APA covers the transactions/issues which were disallowed by the Ld. TPO and upheld by the Ld. DRP and Ld. AO against which the Appellant had preferred an appeal before the Hon'ble Tribunal. APA has been signed on 30 March 2022 and it covers the period from AY 2015-16 to AY 2022-23. Copy of the APA agreement is enclosed as Annexure 1 for your reference. Basis the above facts, the Appellant seek Hon'ble Bench's permission to withdraw Ground Nos. 1 to 8, alongwith any sub grounds as also grounds of appeal no. 9 pertaining to initiation of penalty proceedings under section 271(l)(c) being consequential in nature. We trust that the request of the Appellant would be acceded to. In case you need any other clarification in this regard, we shall be happy to provide the same.” 3. The ld. DR did not object on the request of the assessee. 4. We have gone through the request submitted by the Ld. AR and since the matters have been settled by APA, the appeal is dismissed as withdrawn. Order Pronounced in the Open Court on 19/01/2023. Sd/- Sd/- (Yogesh Kumar US) (Dr. B. R. R. Kumar) Judicial Member Accountant Member Dated: 19/01/2023 *Ajay Kumar Keot, Sr. PS* Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR