MARSH INDIA INSURANCE BROKERS PVT. LTD., MUMBAI V. ACIT CIRCLE-7(2)(1), MUMBAI

ITA 6670/MUM/2018

• Counselvise Citation: [2024] 100 COUNSELVISE.COM (IT) 1038 (ITAT-MUMBAI)
• Duration Of Justice: 5 year(s) 7 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-07-2024
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: J
• Next Hearing Date: 26-05-2024
• Assessment Year: 2014-2015
• Appeal Filed On: 25-11-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: ITS ASSOCIATED
• Section: 234B

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, ‘J‘ BENCH MUMBAI BEFORE: MS. KAVITHA RAJAGOPAL, JUDICIAL MEMBER & SHRI OMKARESHWAR CHIDARA, ACCOUNTANT MEMBER ITA No.6670/Mum/2018 (Assessment Year :2014-15) M/s.Marsh India Insurance Brokers Private Limited 1201-02, Tower, One India Bulls Centre Jupiter Mills Compound, Senapati Bapat Marg Elphinstone Road (W) Mumbai – 400 013 Vs. Assistant Commissioner of Income Tax (ACIT) Circle-7(2)(1) Mumbai PAN/GIR No.AADCM4220G (Appellant) .. (Respondent) Assessee by Shri Madhur Agrawal Revenue by Shri Nihar Samal Date of Hearing 27/05/2024 Date of Pronouncement 09/07/2024 आदेश / O R D E R PER OMKARESHWAR CHIDARA (A.M.): 1. In the case of M/s. Marsh India Insurance Brokers Pvt. Ltd, the appellant filed an appeal for the A.Y.2014-15 with the grounds of appeal relating to determining the arm’s length price of the international transaction of payment for services rendered to the appellant company by its associated enterprises, levying of interest u/s.234B of the Income Tax ITA No.6670/Mum/2018 M/s. Marsh India Insurance Brokers Pvt. Ltd. 2 Act. The company also raised an additional ground by way of letter dated 28/09/2023 and submitted that the final assessment order dated 28/09/2018 is barred by limitation by relying on the decision of CIT vs. Roca Bathroom Products Pvt. Ltd. 445 ITR 537. 2. During the course of hearing, on 27/05/2024 the appellant company had stated that they are withdrawing the appeal. On 14/06/2024 a letter was filed before the Registry and the same is reproduced below:- Ground No. Particulars Remarks 1. Determining the arm's length price of the international transaction of payment for services rendered to the Appellant by its associated enterprises as NIL The Appellant is seeking withdrawal of this ground as an Advance pricing agreement has been signed by the Appellant with the Revenue on this issue. A copy of the letter dated 17 April 2024 filed by the Appellant for withdrawal of this ground is enclosed as Annexure-2 2. Levying consequential interest under section 234B of the Act. The Appellant submits that this ground is consequential in nature and is not required to be separately adjudicated 3. Additional ground filed by the letter dated 28 September 2023 The Appellant is not pressing this ground ITA No.6670/Mum/2018 M/s. Marsh India Insurance Brokers Pvt. Ltd. 3 on the ground that the final assessment order dated 28 September 2018 is barred by limitation by relying on the decision of CIT vs. Roca Bathroom Products Pvt. Ltd. 445 ITR 537 and a copy of the letter dated 6 May 2024 filed by the Appellant for not pressing the ground is enclosed as Annexure-3 3. Per contra, the DR did not object for the withdrawal of appeal by appellant company. 4. In view of the above, the appeal is dismissed as the grounds are not pressed and withdrawn. Order pronounced on 9 th July, 2024. Sd/- (KAVITHA RAJAGOPAL) Sd/- (OMKARESHWAR CHIDARA) JUDICIAL MEMBER ACCOUNTANT MEMBER Mumbai; Dated 09/07/2024 KARUNA, sr.ps ITA No.6670/Mum/2018 M/s. Marsh India Insurance Brokers Pvt. Ltd. 4 Copy of the Order forwarded to : BY ORDER, (Asstt. Registrar) ITAT, Mumbai 1. The Appellant 2. The Respondent. 3. CIT 4. DR, ITAT, Mumbai 5. Guard file. //True Copy//