Hetero Med Solutions Limited , Hyderabad V. Income Tax Officer, Ward-2(3), Hyderabad

ITA 1365/Hyd/2019

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 7646 (ITAT-HYDERABAD)
• Duration Of Justice: 1 year(s) 6 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-03-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB-A
• Assessment Year: 2014-2015
• Appeal Filed On: 30-08-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: NIVEDITA BISWAS
• Assessee Lawyers: S RAMA RAO
• Keywords: Set aside
• Section: 92CA; 263

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH A, HYDERABAD (THROUGH VIRTUAL HEARING) BEFORE SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER AND SHRI S.S. GODARA, JUDICIAL MEMBER ITA NO. 1365/HYD/2019 A.Y. 2014 - 15 HETERO MED SOLUTIONS LIMITED, HYDERABAD. PAN: AABCH 9248 M VS. INCOME TAX OFFICER, WARD - 2(3), HYDERABAD. (APPELLANT) (RESPONDENT) ` ASSESSEE BY: SHRI S. RAMA RAO REVENUE BY: SMT. NIVEDITA BISWAS, DR DATE OF HEARING: 04/03/2021 DATE OF PRONOUNCEMENT: 15 /03/2021 ORDER PER A. MOHAN ALANKAMONY , A.M: THIS APPEAL IS FILED BY THE ASSESSEE AGAINST THE ORDER OF THE LD. PRINCIPAL COMMISSIONER OF INCOME TAX - 2, HYDERABAD IN F.NO.48/PR.CIT - 2/263(7)/2018 - 19, DATED 26/3/2019 PASSED U/S. 263 OF THE ACT FOR THE A.Y. 2014 - 17. 2. AT THE OUTSET, THE LD. AR FOR THE ASSESSEE PLACED BEFORE US LETTER DATED 03/03/2021 AND SUBMITTED THAT THE ASSESSEE WAS NOT AGGRIEVED BY THE CONSEQUENTIAL ORDER PASSED BY THE LD.AO AS WELL AS BY THE 2 LD.TPO . THEREFORE THE ASSESSEE DESIRES TO WITHDRAW THE APPEAL FILED AGAIN S T THE ORDER PASSED BY THE LD.PCIT U/S.263 OF THE ACT . THE RELEVANT PORTION FROM THE LETTER (SUPRA) IS EXTRACTED HEREIN BELOW FOR REFERENCE: - THE ABOVE APPEAL IS DIRECTED AGAINST THE ORDER U/S. 263 OF THE ACT PASSED BY THE PRINCIPAL COMMISSIONER OF INCOME TAX - 2, HYDERABAD IN F.NO.48/PR. CIT - 2/263(7)/2018 - 19, DATED 26/3/2019 FOR THE A.Y. 2014 - 19. IN THE SAID ORDER, THE PRINCIPAL COMMISSIONER OF INCOME TAX - 2, HYDERABAD SET ASIDE THE ORDER AND DIRECTED THAT A REFERENCE BE MADE TO THE TPO IN RESPECT OF THE DOMESTIC TRANSACTIONS WITH ASSOCIAT E ENTERPRISES. THE MATTER WAS REFERRED TO THE TPO AND THE TPO PASSED AN ORDER U/S. 92CA (3) R.W.S 263 OF THE IT ACT VIDE ORDER DATED 16/01/2021. ON ANALYSIS AND AFTER VERIFICATION OF THE INFORMATION SUBMITTED, THE TPO IS OF THE VIEW THAT NO ADVERSE INFER ENCE IS DRAWN FROM THE ANALYSIS OF THE TRANSACTIONS ENTERED INTO BY THE TAX PAYER IN RESPECT OF DIGITAL DOMESTIC TRANSACTIONS. THE ASSESSEE SUBMITS THAT AT PRESENT THERE IS NO GRIEVANCE AGAINST THE ORDER PASSED BY THE TPO U/S 92CA R.W.S 263 OF THE IT ACT. THEREFORE, THE APPEAL FILED AGAINST ORDER U/S. 263 MAY BE TREATED AS REDUNDANT AND APPROPRIATE ORDERS BE PASSED IN THE MATTER. 3. ON PERUSAL OF THE LETTER DATED 03/03/2021 FILED BY THE LD. COUNSEL ON BEHALF OF THE ASSESSEE - COMPANY SEEKING PERMISSION TO WITHDRAW THE PRESENT APPEAL AND ALSO CONSIDERING THE LEARNED DEPARTMENTAL REPRESENTATIVE S NO OBJECTION O N THIS REGARD, WE PERMIT THE ASSESSEE TO WITHDRAW ITS APPEAL. 4 . IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS DISMISSED AS WI THDRAWN. PRONOUNCED IN THE OPEN COURT ON 15 TH MARCH, 2021. SD/ - SD/ - (S.S. GODARA) ( A. MOHAN ALANKAMONY ) JUDICIAL MEMBER ACCOUNTANT MEMBER 3 HYDERABAD, DATED: 15 TH MARCH , 2021. OKK COPY TO: - 1) HETERO MED SOLUTIONS LIMITED, H.NO. 7 - 2 - A2, HETERO CORPORATE, INDUSTRIAL ESTATE SANATHNAGAR, HYDERABAD. 2) INCOME TAX OFFICER, WARD - 2(2), SIGNATURE TOWERS, KOTHAGUDA JUNCTION, KONDAPUR, HYDERABAD. 3) THE PRINCIPAL COMMISSIONER OF INCOME TAX - 2, HYDERABAD. 4 ) THE DR, ITAT, HYDERABAD 5 ) GUARD FILE