IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH : `I' N EW DELHI
BEFORE SHRI R.S. SYAL, ACCOUNTANT MEMBER
AND
SHRI GEORGE GEORGE K., JUDICIAL MEMBER
ITA No. 86/Del/ 2013
Assessment Year 2008-2009
Eli Lilly & Co. (India) Pvt. Ltd. Vs. A.C.I.T., Circle-1,
Plot No.92, Sector-32, Gurgaon.
Institutional Area, I.P. Estate,
New Delhi 122 001
(Appellant) (Respondent)
Appellant by : Shri Neeraj K. Jain And
Shri Abhishek Agarwal, Advocates
Respondent by : Shri Yogesh Kumar Verma, CIT. D.R.
ORDER
PER GEORGE GEORGE K., J.M:
1. This appeal at the instance of the assessee is directed against the assessment
order dated 29.10.2012 passed u/s 143(3) r.w.s. 144C of the Income Tax Act,
1961. The relevant Assessment Year is 2008-09.
2. The assessee has raised several grounds with regard to transfer pricing
adjustment.
3. When appeal was taken up for hearing, the learned A.R. submitted that this
appeal has become infructuous, since T.P. adjustment has been revised to `NIL' in
place of Rs.1,43,96,719/- vide TPO order dated 12.06.2014 passed u/s 154 read
with Section 92CA(5) of the I.T. Act.
2 ITA No. 86/Del/ 2013
4. Ld. D.R. present was duly heard.
5. We have heard rival submissions and perused the material on record. TPO
in his original order dated 30.10.2011 had proposed an adjustment of
Rs.2,17,23,718/-. Later, while giving effect to directions of the Hon'ble DRP, the
adjustment was reduced to Rs.1,43,96,719/-. The assessee had filed rectification
application before the TPO (rectification application dated 07.02.2014). The TPO
disposed off the rectification application vide his order dated 12.06.2014, wherein
the adjustment was revised to `NIL'. Therefore, this appeal challenging the transfer
pricing adjustment amounting to Rs.1,43,96,719 has become infructuous, in view
of the TPO order dated 12.06.2014 passed u/s 154 of the I.T. Act r.w.s. 92CA(5) of
the Act.
6. Hence, this appeal is dismissed as infructuous. It is order accordingly.
The order is pronounced in the open Court on 28.08.2014
Sd/- Sd/-
(R.S. SYAL) (GEORGE GEORGE K.)
Accountant Member Judicial Member
Dated 28.08.2014
Aks*
Copy of the order forwarded to:-
1. Appellant
2. Respondent
3. CIT (Appeals) concerned
4. CIT concerned
5. D.R., ITAT,
ASSISTANT REGISTRAR
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