DCIT, Bangalore V. M/s Citizen Watches (India) Pvt. Ltd., Bangalore

ITA 470/BANG/2016

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 7686 (ITAT-BANGALORE)
• Duration Of Justice: 4 year(s) 5 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-08-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2011-2012
• Appeal Filed On: 17-03-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: K R VASUDEVAN
• Keywords: Transfer pricing
• Section: 143(3); 201; 144C

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH : BANGALORE BEFORE SHRI N V VASUDEVAN, VICE PRESIDENT AND SHRI G MAN JUNATHA , ACCOUNTANT MEMBER IT A NO. 470/B ANG/2016 ASSESSMENT YEAR: 2011 - 12 THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 2(1)(1), BANGALORE. VS. M/S. CITIZEN WATCHES (INDIA) PVT. LTD., # 299, 6 TH MAIN, HAL II STAGE, INDIRANAGAR, BANGALORE 560 038. PAN: AAACC 4712A APPELLANT RESPONDENT APPELLANT BY : SHRI MUZAFFAR HUSSAIN, C IT(DR)(ITAT ), BENGALURU. RESPONDENT BY : SHRI K .R. VASUDEVAN, ADVOCA TE DATE OF HEARING : 19 .0 8 .2020 DATE OF PRONOUNCEMENT : 31 .0 8 .2020 O R D E R PER N.V. VASUDEVAN, VICE PRESIDENT THIS APPEAL BY THE REVENUE IS AGAINST THE FINAL O RDER OF ASSESSMENT DATED 18.01.2016 PASSED U/S. 143(3) R.W.S. 144C OF THE INCOME-TAX ACT, 1961 [THE ACT] BY THE DCIT, CIRCLE 2(1)(1), BANGALO RE. 2. AT THE TIME OF HEARING OF THIS APPEAL, THE LD. COUNSEL FOR THE ASSESSEE BROUGHT TO OUR NOTICE THAT AS AGAINST THE VERY SAME ORDER OF THE AO, THE ASSESSEE COMPANY HAD FILED APPEAL BEFORE TH IS TRIBUNAL AND IT(TP)A NO.287/BANG/2016. HE ALSO POINTED OUT THAT IN VIEW OF THE UNILATERAL ADVANCED PRICING ARRANGEMENT [APA] BETWE EN THE ASSESSEE AND THE CBDT WITH REFERENCE TO THE TP ISSUES FOR AY 201 1-12, THE ASSESSEE ITA NO.470/BANG/2016 PAGE 2 OF 2 WITHDREW ITS APPEAL WITH REFERENCE TO THE GROUNDS C HALLENGING THE TRANSFER PRICING [TP] ADDITION. THE TRIBUNAL DISMISSED THE APPEAL OF ASSESSEE BY ITS ORDER DATED 28.02.2020. A COPY OF THE APA HAS ALSO BEEN FILED BEFORE US. IN THIS APPEAL BY THE REVENUE, THE GROUNDS ARE WITH REFERENCE TO TP ISSUES WHICH HAVE BEEN SETTLED IN THE APA. 3. IN VIEW OF THE ABOVE, WE ARE OF THE VIEW THAT TH E APPEAL OF THE REVENUE HAS BECOME INFRUCTUOUS AND ACCORDINGLY THE SAME IS DISMISSED AS INFRUCTUOUS. PRONOUNCED IN THE OPEN COURT ON THIS 31 ST DAY OF AUGUST, 2020. SD/- SD/- ( G MAN JUNATHA ) ( N V VASUDEVAN ) ACCOUNTANT MEMBER VICE PRESIDENT BANGALORE, DATED, THE 31 ST AUGUST, 2020. / DESAI S MURTHY / COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR, ITAT, BANGALORE. BY ORDER ASSISTANT REGISTRAR ITAT, BANGALORE.