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2019 (1) TMI 1205 - ITAT HYDERABADTPA - international transaction - interest on receivables - Held that:- By the Finance Act of 2012 an Explanatory note has been brought to book into the statute book w.e.f. 1.4.2002. The relevant transactions before us relate to the financial year 2011-12. Therefore, the assessee cannot be expected to consider such a transaction as an international transaction during the relevant previous year. This Tribunal, in a number of cases has held that such interest on receivables is not an international transaction prior to the amendment. Thus we hold that the interest on receivables is not an international transaction for the relevant A.Y. - Decided in favour of assessee.
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