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of <h1>ITAT Bangalore dismisses appeals on Transfer Pricing issues for assessment year 2015-16.</h1> <h3>M/s. Target Corporation India Pvt. Ltd. Versus The Joint Commissioner of Income Tax, Special Range-7, Bengaluru</h3> The ITAT Bangalore dismissed appeals by the assessee and revenue against the CIT(A) order for the assessment year 2015-16. The assessee withdrew all ... TP Adjustment - HELD THAT:- As submitted that all the grounds of appeal is withdrawn for the reason that the resolution has been arrived at between Indian and US Competent Authorities in respect of the Transfer Pricing issues raised by the assessee before the Tribunal - Accordingly, the appeal is dismissed as withdrawn. CIT(Appeals) holding certain expenses to be part of operating cost of the assessee for the purpose of TP adjustment - Since the MAP resolution entered into with competent authorities covers the TP adjustment as reproduced above, the appeal of the revenue has become infructuous and accordingly dismissed. Thus both the appeals by the assessee and the revenue are dismissed. The ITAT Bangalore dismissed appeals by the assessee and revenue against the CIT(A) order for the assessment year 2015-16. The assessee withdrew all grounds of appeal due to resolution between Indian and US Competent Authorities on Transfer Pricing issues. The revenue's appeal became infructuous as the MAP resolution covered the TP adjustment. Both appeals were dismissed on March 30, 2023.
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