Income Tax Appellate Tribunal - Mumbai
J.P.Morgan India Private Ltd.,, Mumbai vs Acit.,Range-4(3), Mumbai on 24 July, 2017
IN THE INCOME TAX APPELLATE TRIBUNAL
MUMBAI BENCHES "K", MUMBAI
BEFORE SHRI SHAMIM YAHYA (AM) AND SHRI RAM LAL NEGI (JM)
ITA No. 1441/MUM/2012
Assessment Year- 2003-04
M/s J.P. Morgan India Private Ltd., The Assistant Commissioner of
J.P. Morgan Towers, Income Tax Range-4(3),
Off CST Road, Kalina Aayakar Bhavan, M.K. Road,
Santacruz (East) Vs. Mumbai
Mumbai - 400098
PAN: AAACJ1022G
(Appellant) (Respondent)
Appellant by : Shri Hardik Khowala (AR)
Respondent by : Shri Jayant Kumar (DR)
Date of Hearing: 24/07/2017
Date of Pronouncement: 24/07/2017
ORDER
PER RAM LAL NEGI, JM
This appeal has been preferred by the assessee against order dated 21/11/2011 passed by the Ld. CIT (A)-15, Mumbai, whereby the Ld. CIT (A) has partly allowed the appeal filed by the assessee against Assessment Order passed u/s 143 (3) of the Income Tax Act, 1961.
The assessee has challenged the impugned order on the following effective grounds:
1. "Disallowing loss on account of error trades amounting to Rs. 571,747/-.
2. Disallowing professional fees amounting to Rs. 5,275,857/- incurred in connection with the sale of business asset, as revenue expenditure under section 37 (1) of the Act.2 ITA No. 1441/MUM/2012
Assessment Year: 2003-04
3. In computing the arm's length price for the transaction pertaining to broking services for delivery v/s payment trades at Rs. 36,935,666/-.
4. Not accepting that the Transactional Net Margin Method as the most appropriate method and concluding that the Comparable Uncontrollable Price (CUP) method may be applied to determine the arm's length price in respect of the broking services provided by the Appellant.
Without prejudice, not granting any adjustments to the rates charged by JPMIPL to related and unrelated parties while applying CUP method to determine the arm's length price in respect of the broking services provided by the Appellant."
Since, the assessee had already moved the application dated 09/03/2017 for permission to withdraw the present appeal, the Ld. counsel, at the very outset submitted that the assessee wants to withdraw the appeal keeping in view the smallness of the value of the adjustments, to avoid protracted litigation and buy peace of mind. The relevant paras of the application read as under:
"We refer to the captioned appeal scheduled for hearing on 14th March, 2017 preferred by our client, JPMIPL, for A.Y. 2003-04 against the order of the Commissioner of Income Tax Appeal- 15 [ "CIT (A)"].
In this connection, on behalf of and under the instructions of our client, JPMIPL, we wish to submit that, on a cost benefit analysis, the monetary impact of the adjustment involved in the captioned appeal is lesser than the cost involved for litigation.
Accordingly, JPMIPL wishes to withdraw the appeal given the smallness of the value of adjustment and to avoid protracted litigation and buy peace of mind.
We request your Honours to kindly permit us to withdraw the appeal for AY 2003-04 and oblige."3 ITA No. 1441/MUM/2012
Assessment Year: 2003-04 The Ld. Departmental Representative (DR) did not oppose the application for withdrawal of the appeal, filed on behalf of the assessee.
In view of the submission made by the Ld. counsel for the assessee in the light of the application dated 09/03/2017, filed on behalf of the assessee, we grant permission to withdraw the present appeal and dismiss the same as withdrawn.
In the result, the appeal filed by the assessee for the assessment year 2003-04 is dismissed.
Order pronounced in the open court on 24th July, 2017.
Sd/- Sd/-
(SHAMIM YAHYA) (RAM LAL NEGI)
ACCOUNTANT MEMBER JUDICIAL MEMBER
मुंबई Mumbai; दिन ुं क Dated: 24/07/2017
Alindra PS
आदे श प्रतितिति अग्रे तिि/Copy of the Order forwarded to :
1. अपील र्थी / The Appellant
2. प्रत्यर्थी / The Respondent.
3. आयकर आयक्त(अपील) / The CIT(A)-
4. आयकर आयक्त / CIT
5. दिभ गीय प्रदिदनदि, आयकर अपीलीय अदिकरण, मुंबई / DR, ITAT, Mumbai
6. ग र्ड फ ईल / Guard file.
आदे शानु सार/ BY ORDER, सत्य दपि प्रदि //True Copy// उि/सहायक िं जीकार (Dy./Asstt. Registrar) आयकर अिीिीय अतिकरण, मुं बई / ITAT, Mumbai