AI Insights
The case involved two appeals: one by M/s. Target Corporation India Pvt. Ltd. and another by the Joint Commissioner of Income Tax, Special Range-7, Bengaluru. Both appeals were related to the assessment year 2015-16 and were against the order of the CIT(Appeals)-10, Bengaluru. The primary issue revolved around Transfer Pricing adjustments. The assessee withdrew its appeal after a resolution was reached between the Indian and US competent authorities, addressing the Transfer Pricing concerns. Subsequently, the revenue's appeal, which contested the CIT(Appeals)'s inclusion of certain expenses as part of the operating cost for Transfer Pricing adjustments, was also dismissed as the adjustments were covered by the mutual agreement.
Appeal details
Counselvise Citation
[2023] 140 COUNSELVISE.COM (IT) 124601 (ITAT-BANGALORE)
Assessee PAN
Bench
Appeal Number
Duration Of Justice
2 year(s) 6 month(s) 27 day(s)
Appellant
Respondent
Appeal Type
Income Tax Appeal
Pronouncement Date
29-03-2023
Appeal Filed By
Department
Order Result
Dismissed
Bench Allotted
A
Next Hearing Date
29-03-2023
Assessment Year
2015-2016
Appeal Filed On
01-09-2020
Judgement Text
IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SMT. BEENA PILLAI, JUDICIAL MEMBER AND Ms. PADMAVATHY S, ACCOUNTANT MEMBER IT(TP)A No.614/Bang/2020 Assessment year : 2015-16 M/s. Target Corporation India Pvt. Ltd., C2 Block, Embassy Manyata Business Park, Nagawara Hobli, Outer Ring Road, Bengaluru – 560 045. PAN: AAECA 8990N Vs. The Joint Commissioner of Income Tax, Special Range-7, Bengaluru. APPELLANT RESPONDENT IT(TP)A No.657Bang/2020 Assessment year : 2015-16 The Joint Commissioner of Income Tax, Special Range-7, Bengaluru. Vs. M/s. Target Corporation India Pvt. Ltd., Bengaluru – 560 045. PAN: AAECA 8990N APPELLANT RESPONDENT Assessee by : Shri Ankur Pai, Advocate Revenue by : Shri D.K. Mishra, CIT(DR)(ITAT), Bengaluru. Date of hearing : 30.03.2023 Date of Pronouncement : 30.03.2023 IT(TP)A No.614 & 657/Bang/2020 Page 2 of 7 O R D E R Per Bench These appeals of the assessee and the revenue are against the order of the CIT(Appeals)-10, Bengaluru dated 28.2.2020 for assessment year 2015-16. 2. The assessee vide letter dated 2.3.2023 which is reproduced below has submitted that all the grounds of appeal in IT(TP)A No.614/Bang/2020 is withdrawn for the reason that the resolution has been arrived at between Indian and US Competent Authorities in respect of the Transfer Pricing issues raised by the assessee before the Tribunal:- IT(TP)A No.614 & 657/Bang/2020 Page 3 of 7 IT(TP)A No.614 & 657/Bang/2020 Page 4 of 7 3. For easy of reference , copy of MAP resolution is reproduced below:- IT(TP)A No.614 & 657/Bang/2020 Page 5 of 7 IT(TP)A No.614 & 657/Bang/2020 Page 6 of 7 4. Accordingly, the appeal is dismissed as withdrawn. 5. The appeal by the department is with regard to CIT(Appeals) holding certain expenses to be part of operating cost of the assessee for the purpose of TP adjustment. Since the MAP resolution entered into with competent authorities covers the TP adjustment as reproduced above, the appeal of the revenue has become infructuous and accordingly dismissed. IT(TP)A No.614 & 657/Bang/2020 Page 7 of 7 6. In the result, both the appeals by the assessee and the revenue are dismissed. Pronounced in the open court on this 30 th day of March, 2023. Sd/- Sd/- ( BEENA PILLAI ) ( PADMAVATHY S. ) JUDICIAL MEMBER ACCOUNTANT MEMBER Bangalore, Dated, the 30 th March, 2023. / Desai S Murthy / Copy to: 1. Appellant 2. Respondent 3. CIT 4. CIT(A) 5. DR, ITAT, Bangalore. By order Assistant Registrar ITAT, Bangalore.
