Mutual Agreement Procedure: Competent Authority's resolution requires taxpayer acceptance and appeal withdrawal before implementation by assessing officer. Mutual Agreement Procedure requires the Competent Authority in India to examine records and seek resolution with the foreign competent authority. Resolutions reached must be communicated to the Chief Commissioner or Director-General of Income-tax, and the Assessing Officer shall give effect to such resolutions once the taxpayer accepts the resolution and withdraws any related appeal; previously determined tax, interest or penalty amounts are adjusted to conform with the resolution subject to applicable provisions of the Income-tax Act and rules.