KUKDONG COOLANT INDIA PVT. LTD., KANCHEEPURAM V. ACIT, CC-4(2), CHENNAI

ITTPA 70/CHNY/2019

• Counselvise Citation: [2022] 104 COUNSELVISE.COM (IT) 4390 (ITAT-CHENNAI)
• Duration Of Justice: 2 year(s) 7 month(s) 10 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 10-05-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2015-2016
• Appeal Filed On: 30-09-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Transfer pricing

Judgement Text

आयकर अपीलीय अिधकरण, ‘डी’ ᭠यायपीठ, चे᳖ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH, CHENNAI Įी महावीर ͧसंह, उपाÚय¢ एवं Įी मनोज क ु मार अĒवाल, लेखा सदèय के सम¢ BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER आयकर अपील सं./IT(TP)A No.: 70/CHNY/2019 िनधाᭅरण वषᭅ /Assessment Year:2015-16 Kukdong Coolant India Pvt. Ltd., Plot No.3, First Floor, Sai Lakshmi Nagar, Bangalore Main Road, Sriperumpudur, Kancheepuram – 602 105. PAN: AADCK 3620Q v. The ACIT, Corporate Circle 4(2), Chennai – 34. (अपीलाथᱮ/Appellant) (ᮧ᭜यथᱮ/Respondent) अपीलाथᱮ कᳱ ओर से/Appellant by : Shri S. Sankara Narayanan, Advocate ᮧ᭜यथᱮ कᳱ ओर से/Respondent by : Shri G. Johnson, Addl.CIT स ु नवाई कȧ तारȣख/Date of Hearing : 11.05.2022 घोषणा कȧ तारȣख/Date of Pronouncement : 11.05.2022 आदेश /O R D E R PER MAHAVIR SINGH, VP: This appeal by the assessee is arising out of order of the Commissioner of Income Tax (Appeals) - 8, Chennai in ITA No.84/18-19, order dated 25.07.2019. 2 IT(TP)A No.70/Chny/2019 2. At the outset, the ld.counsel for the assessee stated that the Revenue has not challenged on the issue of transfer pricing in respect of working capital and once the Department has not filed any appeal, it was stated that the assessee is not interested in pursuing this appeal on the issue of operating expenditure i.e., not removing the loss on forex fluctuation from the operating expenditure which is not substantial. Due to smallness of amount the assessee wants to withdraw this appeal. The assessee submitting in writing as under:- “1. We are withdrawing the above appeal, subject to the fact that the department has not come in appeal against the transfer pricing issue involving working capital, which we have won before the Hon’ble CIT(Appeals). 2. If there may be a situation where the department comes up with an appeal against any matter against the Hon’ble CIT(Appeals) order for the above Assessment year, we will raise our objection through cross objection and revive the ground.” 3. When a query was put to ld. Senior DR, he made statement at bar that Revenue has not filed any appeal on the transfer pricing issue in regard to working capital. As statement made by ld. Senior DR, that Revenue has not filed any appeal on the issue of transfer pricing involving working capital, the assessee wants to withdraw the appeal, for which Revenue has no objection. Hence, we permit 3 IT(TP)A No.70/Chny/2019 withdrawal and the appeal of the assessee is dismissed as withdrawn. 4. In the result, the appeal filed by the assessee is dismissed as withdrawn. Order pronounced in the open court on 11 th May, 2022 at Chennai. Sd/- Sd/- (मनोज कुमार अᮕवाल) (MANOJ KUMAR AGGARWAL) लेखा सद᭭य /ACCOUNTANT MEMBER (महावीर ᳲसह ) (MAHAVIR SINGH) उपा᭟यᭃ /VICE PRESIDENT चे᳖ई/Chennai, ᳰदनांक/Dated, the 11 th May, 2022 RSR आदेश कᳱ ᮧितिलिप अᮕेिषत/Copy to: 1. अपीलाथᱮ/Appellant 2. ᮧ᭜यथᱮ/Respondent 3. आयकर आयुᲦ (अपील)/CIT(A) 4. आयकर आयुᲦ /CIT 5. िवभागीय ᮧितिनिध/DR 6. गाडᭅ फाईल/GF.