Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (9) TMI 69 - ITAT HYDERABADALP adjustment relating to assessee's interest payments benchmarked at "SIBOR" rates - sum pertaining to the assessee's debentures had been received in foreign currency only - Whether orrowings are in foreign currency and should be benchmarked with reference to Singapore Inter Bank Offer Rate (SIBOR)? - HELD THAT:- Assessee had adopted the very SIBOR+benchmark all along in all preceding assessment years which stands accepted upto this tribunal. We thus find no merit in its stand seeking to adopt a different approach in the impugned assessment year just because the corresponding interest rate on the FCDs has seen an increase as compared to the earlier period. Hon'ble apex court's landmark decision in Radhasoami Satsang Vs. CIT [1991 (11) TMI 2 - SUPREME COURT] settled the law that judicial consistency can very well be adopted in income tax proceedings wherein the principles of res judicata are not applicable. We accordingly uphold learned lower authorities' action under challenge making the impugned ALP adjustment(s) relating to assessee's interest payments benchmarked at "SIBOR" rates.
|