STERLITE TECHNOLOGIES LTD (Earlier Elitecore Tech. Pvt, Ltd And...) , Ahmedabad V. DCIT, Circle-2(1)(1), Ahmedabad

ITA 2037/AHD/2018

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 5907 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 11 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-09-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2013-2014
• Appeal Filed On: 28-09-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: R R MAKWANA
• Assessee Lawyers: PAWAN KAST
• Section: 37(1); 37

Judgement Text

, - IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH A BEFORE SHRI RAJPAL YADAV, VICE-PRESIDENT AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER ./ ITA NO.2037/AHD/2018 ASSTT.YEAR : 2013-14 STERLITE TECHNOLOGIES LTD. (EARLIER ELITECORE TECHNOLOGIES P.LTD.) ELITECORE, BLOCK-6 MAGNET CORPORATE PARK NR.SOLA FLYOVER, THALTEJ AHMEDABAD 380059. PAN : AAECS 8719 B. VS DY.CIT, CIR.2(1)(1) AHMEDABAD. / (APPELLANT) / (RESPONDENT) ASSESSEE BY : SHRI PAWAN KAST, AR REVENUE BY : SHRI R.R. MAKWANA, SR.DR / DATE OF HEARING : 15/09/2021 /DATE OF PRONOUNCEMENT : 15/09/2021 O R D E R PER WASEEM AHMED, ACCOUNTANT MEMEBR: ASSESSEE IS IN APPEAL BEFORE THE TRIBUNAL AGAINST ORDER OF THE LD. CIT(A)-6, AHMEDABAD DATED 11.7.2018 PASSED FOR THE ASSTT.YEAR 2013-14. 2. WHEN THE CASE WAS TAKEN UP FOR HEARING, IT IS BR OUGHT TO THE NOTICE OF THE BENCH THAT ASSESSEE THROUGH ITS AUTHORIZED R EPRESENTATIVE, SHRI PAWAN KUMAR KAST HAS FILED A LETTER DATED 1.12.2020 SEEKING WITHDRAWAL OF ITS APPEAL PENDING BEFORE THE TRIBUNAL. CONTENT S OF THE SAID LETTER READ AS UNDER: .. RE: STERLITE TECHNOLOGIES LIMITED ('STL') ASSES SMENT YEAR ('AY') 2013-2014 ITA NO. 2037/AHD/2018 - HEARING SCHEDULED ON 3 DECEMBER 2020 - WITHDRAWAL OF APPEAL ITA NO.2037/AHD/2018 - 2 - WE REFER TO THE CAPTIONED APPEAL SCHEDULED FOR HEAR ING ON 3 DECEMBER 2020 BEFORE YOUR HONOURS. IN CONNECTION WITH THE SAME, WE RESPE CTFULLY SUBMIT THAT STL HAS FILED THIS APPEAL BEFORE YOUR HONOUR'S ON THE GROUN D OF AILOWABILITY OF IMPERMISSIBLE FOREIGN TAX CREDIT UNDER SECTION 37(1) OF THE ACT. THE ISSUE IS COVERED IN FAVOUR OF STL BY LATER DECISION OF THE PRESENT BENCH IN THE C ASE OF VIRMATI SOFTWARE & TELECOMMUNICATION LIMITED VS DCIT (ITA NO. 1135/AHD /2017). HOWEVER, STL BELIEVES THAT ENTIRE FOREIGN TAX CREDI T SHALL IN-FACT BE ALLOWED AS CREDIT AGAINST TAXES BY THE LEARNED ASSESSING OFFICER TO S TL WHILE PASSING ORDER GIVING EFFECT TO CIT (A)'S ORDER. HENCE, THE QUESTION OF ALLOWING THE IMPERMISSIBLE FOREIGN TAX CREDIT AS DEDUCTIBLE EXPENSE UNDER SECTION 37 BECOM ES ACADEMIC. IN VIEW OF THE SAME, STL WISHES TO WITHDRAW THIS AP PEAL FILED BEFORE THIS HON'BLE TRIBUNAL. WE TRUST YOUR HONOURS WOULD ACCEPT OUR REQUEST. THE INCONVENIENCE CAUSED TO YOUR HONOURS IS HIGHLY REGRETTED. THANKING YOU, YOURS FAITHFULLY, FOR STERLITE TECHNOLOGIES LTD. SD/- PAWAN KUMAR KAST AUTHORISED SIGNATORY. 3. THE AR OF THE ASSESSEE ACCORDINGLY PRAYS THAT IN VIEW OF THE ISSUE BEING ACADEMIC IN NATURE ONLY, THE ASSESSEE DOES NO T WANT PURSUE ITS APPEAL, THE SAME MAY ACCORDINGLY BE ALLOWED TO BE W ITHDRAWN. 4. IN VIEW OF THE ABOVE LETTER OF THE ASSESSEE AND REQUEST OF THE AR OF THE ASSESSEE, FOR WANT OF PROSECUTION, APPEAL OF TH E ASSESSEE IS DISMISSED AS WITHDRAWN. 5. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISS ED AS WITHDRAWN. PRONOUNCED IN THE OPEN COURT ON 15 TH SEPTEMBER, 2021 SD/- SD/- (RAJPAL YADAV) VICE-PRESIDENT (WASEEM AHMED) ACCOUNTANT MEMBER AHMEDABAD; DATED, 15/09/2021