M/s Timex Group India Ltd., New Delhi V. Addl. CIT, New Delhi

ITA 2339/DEL/2017

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 3758 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 10 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-02-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: I
• Assessment Year: 2012-2013
• Appeal Filed On: 18-04-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: SURENDER PAL
• Assessee Lawyers: AAYUSH NAGPAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH I-1 NEW DLEHI BEFORE SHRI R. K. PANDA, ACCOUNTANT MEMBER AND SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER I.T.ANO.2339/DEL/2017 ASSESSMENT YEAR: 2012-13 TIMEX GROUP INDIA LTD., 106- 107, AMBADEEP BUILDING, 14, KASTURBA GANDHI MARG, NEW DELHI 110 001. VS. ACIT, SPECIAL RANGE-9, NEW DELHI. [PAN NO. AA ACT 0773 C ] (APPELLANT) .. (RESPONDENT) APPELLANT BY: SHRI AAYUSH NAGPAL, ADVOCATE RESPONDENT BY: SHRI SURENDER PAL, CIT-D.R. DATE OF HEARING: 27/02/2020 DATE OF ORDER : 28/02/2020 ORDER PER K. NARASIMHA CHARY, J.M. THIS APPEAL IS FILED BY THE ASSESSEE AGAINST THE OR DER OF THE ADDL. COMMISSIONER OF INCOME TAX, SPECIAL RANGE 9, NEW DELHI DATED 27.01.2017 FOR ASSESSMENT YEAR 2012-13. 2. AT THE OUTSET, IT IS SUBMITTED ON BEHALF OF THE ASSESSEE THAT THE ASSESSEE HAS ENTERED INTO AN ADVANCE PRICING AGREEM ENT (APA) WITH THE CENTRAL BOARD OF DIRECT TAXES ON 29.11.2019 IN RELATION TO THE ISSUE OF AMP EXPENDITURE FOR 9 YEAR PERIOD COVERING ASSESSME NT YEARS 2012-13 TO 2 2020-21 AND SINCE THIS APPEAL FOR ASSESSMENT YEAR 2 012-13 IS THE FIRST YEAR UNDER ROLLBACK, THE ISSUE RELATING TO AMP ADJU STMENT STANDS RESOLVED THROUGH THE APA. 3. IN VIEW OF THIS APA, ASSESSEE SEEKS TO WITHDRAW THE APPEAL. THE LEARNED DR REPORTS NO OBJECTION. RECORDING THE SAME , APPEAL IS DISMISSED AS WITHDRAWN. 4. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISS ED AS WITHDRAWN. PRONOUNCED IN OPEN COURT ON THIS THE 28 TH OF FEBRUARY 2020. SD/- SD/- (R. K. PANDA) (K. NARASIMHA CHARY) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED:28 /02/2020