MADURA COATS PVT. LTD., KARNATAKA V. JCIT, RANGE-1, , MADURAI

ITA 3283/CHNY/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 0876 (ITAT-CHENNAI)
• Duration Of Justice: 6 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-06-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2008-2009
• Appeal Filed On: 28-11-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: S BARATHC I TD R
• Keywords: Transfer pricing
• Section: 144C

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH : CHENNAI , , BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR , ACCOUNTANT MEMBER ./ I.T.A.NO.3283/CHNY/2019 !' # / ASSESSMENT YEAR : 2008-09 M/S.MADURA COATS PRIVATE LIMITED , 7 TH FLOOR, JUPITER 2A PRESTIGE TECH PARK, MARATHAHALLI SARJAPUR OUTER RING ROAD, MARATHAHALLI, BENGALURU KARNATAKA 560 103 . V. JOINT COMMISSIONER OF INCOME TAX, RANGE-I, MADURAI. [PAN AABCM 8279 K ] ( / APPELLANT) ( /RESPONDENT) $ % & / APPELLANT BY : MR.S . P . CHIDAMBARAM,ADVOCATE '( $ % & /RESPONDENT BY : MR.S.BARATH,C.I.T,D.R ) * % + / DATE OF HEARING : 09.06.2020 ,#' % + / DATE OF PRONOUNCEMENT : 09.06.2020 / O R D E R PER RAMIT KOCHAR, ACCOUNTANT MEMBER THIS APPEAL FILED BY ASSESSEE FOR ASSESSMENT YEAR 2 008- 09 IS DIRECTED AGAINST COMMON APPELLATE ORDER DATED 30.09.2019 PASSED BY LEARNED COMMISSIONER OF INCOME TAX (APPEA LS)-1, MADURAI (HEREINAFTER CALLED THE CIT(A)) IN ITA NO .0027/2012-13, 0488/2014-15 & 489/2014-15 FOR ASSESSMENT YEARS (AY ) 2008- ITA NO.3283/CHNY/2019 :- 2 -: 09,2002-03 AND 2003-04 RESPECTIVELY , BUT, HOWEVER FOR US AY: 2008-09 IS RELEVANT, THE APPELLATE PROCEEDINGS BEF ORE LEARNED CIT(A) HAD ARISEN FROM ASSESSMENT ORDER DATED 09.12 .2011 PASSED BY LEARNED ASSESSING OFFICER (HEREINAFTER CA LLED THE AO) U/S.143(3) R.W.S 144C OF THE INCOME-TAX ACT, 1961 ( HEREINAFTER CALLED THE ACT). THE APPELLATE PROCEEDINGS BEFORE THE INCOME-TAX APPELLATE TRIBUNAL, CHENNAI (HEREINAFTER CALLED TH E TRIBUNAL) WAS CONDUCTED ON 09.06.2020 VIA VIRTUAL COURT. 2. WHEN THE APPEAL WAS TAKEN UP FOR HEARING BEFORE THE TRIBUNAL THROUGH VIDEO CONFERENCING, MR.SP CHIDAMBA RAM, THE LD. REPRESENTATIVE FOR THE ASSESSEE, DREW ATTENTION OF THE BENCH TO LETTER DATED 18.02.2020 BY ASSESSEE ADDRESSED TO TH E ITAT,D- BENCH, CHENNAI, WITH COPY TO DEPARTMENTAL REPRESENT ATIVE, WHEREIN IT WAS SUBMITTED BY THE ASSESSEE THAT THE A SSESSEE DOES NOT WISH TO PROCEED WITH THIS APPEAL FILED WITH TRI BUNAL AND HAS SOUGHT PERMISSION FOR WITHDRAWAL OF THE ASSESSEES APPEAL. FOR THE SAKE OF CONVENIENCE, THE ASSESSEES LETTER DATED 18 .02.2020 CITED ABOVE IS REPRODUCED AS UNDER:- MADURA COATS PRIVATE LIMITED REGD OFFICE : 7TH FLOOR, JUPITER 2A BLOCK, PRESTIGE TECHNOLOGY PARK, SARJAPUR MARTHAHALLI RING ROAD,BANGALORE -560 103. TEL: + 91 -80-41900400/28440615, FAX: + 91-080-2844 0793/28440798, EMAIL:[e-mail] CIN: U1802KA1974PTC047421 18 FEBRUARY 2020 THE INCOME TAX APPELLATE TRIBUNAL (ITAT) D-BENCH, CHENNAI ITA NO.3283/CHNY/2019 :- 3 -: DEAR SIR, ASSESSEE MADURA COATS PRIVATE LIMITED (THE APPELLANT) PAN AABCMB279K ASSESSMENT YEAR 2008 - 09 SUBJECT WITHDRAWAL OF APPEAL BEFORE ITAT REFERENCE ITA NO. 3283 / CHNY / 2019 WE REFER THE AFOREMENTIONED APPEAL FOR ASSESSMENT Y EAR (AY) 2008-09 FILED BEFORE THE HONBLE ITAT ON 28 NOVEMBER 2019 AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) [CIT(A)] DAT ED 30 SEPTEMBER 2019. IN THE AFOREMENTIONED ORDER, THE CIT(A) UPHELD THE ORDER OF THE TRANSFER PRICING OFFICER -2, CHENNAI (TPO) STATING THAT COMPARABLE UNCONTROLLED PRICE METHOD IS THE MOST APPROPRIATE METHOD FOR CERTAIN TRANSACTION S DURING AY 2008-09. THE CIT(A) ALSO DIRECTED THE TPO TO RE-COMPUTE THE ADJUSTMENT AFTER CONSIDERING THOSE T RANSACTIONS WITH ASSOCIATED ENTERPRISES (AE) WHERE THE PRICE OF ITEMS SOLD WE RE GREATER THAN THE PRICE OF SIMILAR ITEMS SOLD TO NON-AES. THE TPO HAS PASSED THE ORDER GIVING EFFECT TO THE O RDER OF THE CIT(A) AFTER RECOMPUTING THE ADJUSTMENT AS DIRECTED BY THE CIT(A ). THIS HAS RESULTED IN A SUBSTANTIAL RELIEF TO THE APPELLANT AND THE ISSUE IN THE APPEAL HAS BECOME INFRUCTUOUS AS THE APPELLANT DOES NOT HAVE ANY FURT HER GRIEVANCE. ACCORDINGLY, THE APPELLANT WISHES TO WITHDRAW THE A PPEAL . IT IS THEREFORE PRAYED THAT THE HONBLE ITAT MAY BE KINDLY BE PLEASED TO PERMIT THE APPELLANT TO WITHDRAW THIS APPEAL IN ITA NO. 3283 / CHNY / 2019 AND THEREBY RENDER JUSTICE. FOR MADURA COATS PRIVATE LIMITED SD/- (AUTHORISED SIGNATORY) CC: DEPARTMENTAL REPRESENTATIVE CONSEQUENTLY, THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT HE WAS INSTRUCTED TO WITHDRAW THE APPEAL OF TH E ASSESSEE. THEREFORE, THE LD. A.R. PRAYED THAT THE A SSESSEE BE PERMITTED TO WITHDRAW THE APPEAL IN ITA NO. 3283/CH NY/2019 FOR AY:2008-09. 3. THE LD. CIT-DR HAS NO OBJECTION TO DISMISSAL OF THE APPEAL AS WITHDRAWN. ITA NO.3283/CHNY/2019 :- 4 -: 4. WE HAVE HEARD BOTH THE RIVAL PARTIES THROUGH VIDEO CONFERENCING AND HAVE PERUSED THE MATERIALS AVAILAB LE ON RECORD. AS THE ASSESSEE DESIRES TO WITHDRAW ITS APPEAL BEAR ING NO.ITA NO.3283/CHNY/2019 FOR ASSESSMENT YEAR 2008-09, AND ALSO HAS FILED NECESSARY LETTER TO THAT EFFECT EXECUTED BY A SSESSEE ITSELF WHICH IS PLACED ON RECORD IN FILE AND THE LEARNED C IT-DR HAS NO OBJECTION TO THE DISMISSAL OF THE ASSESSEES APPE AL AS BEING WITHDRAWN, THE TRIBUNAL IS OF THE CONSIDERED OPINIO N THAT THE APPEAL FILED BY THE ASSESSEE STANDS DISMISSED AS WI THDRAWN. WE ORDER ACCORDINGLY. ORDER PRONOUNCED IN THE OPEN COURT THROUGH VIDEO CO NFERENCING AFTER CONCLUSION OF THE HEARING ON 09TH JUNE, 2020 , AT CHENNAI. SD/- SD/- ( ) ( ) (GEORGE MATHAN) !' / JUDICIAL MEMBER (RAMIT KOCHAR) /ACCOUNTANT MEMBER * / CHENNAI - / DATED: 09 TH JUNE , 2020. K S SUNDARAM . % ' / 0/# / COPY TO: 1 . $ / APPELLANT 4. ) 1 / CIT 2. '( $ / RESPONDENT 5. /23 ' 4! / DR 3. ) 1 ( ) / CIT(A) 6. 37 8* / GF