TMI Blog2023 (12) TMI 332X X X X Extracts X X X X X X X X Extracts X X X X ..... O to grant one more opportunity to the assessee to explain and decide the issue. TPO has passed the order pursuant to the direction of DRP on 22.06.2022 and thereafter, the AO has passed the order on 30.06.2022. In our view and in the light of the submissions made before us by AR that sufficient opportunity was not granted by the lower authorities, we are of the opinion that one more opportunity is required to be given to the assessee to explain its case before the TPO. We deem it appropriate to remand back the matter to the file of AO / TPO for passing a fresh order. Appeal of the assessee is allowed for statistical purposes. - Shri R.K. Panda, Vice President And Shri Laliet Kumar, Judicial Member For the Assessee : Shri K.C. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oing any comparability benchmarking as prescribed under Chapter X of the Act. 2). Without prejudice grounds against imputing interest on outstanding receivables due from AEs - Adjustment of INR 1,85,87,919 a) Not appreciating that the receivables due from oversees AEs are in foreign currency and hence interest, if any, is to be benchmarked with the rates prevalent in the international market for foreign currency loans; b) Considering ad-hoc credit period of 30 days instead of the industry average credit period. c) Not following directions of Hon'ble DRP to provide credit period of 60 days as per service agreement. d) Not considering weighted average realization days of invoices 3). Ground on erroneous initi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment order u/s 143(3) r.w.s. 144C of the Act on 27.09.2021 interalia making an addition of adjustment of Rs. 1,85,87,919/- to the total income of the assessee and thereby determined the assessed income at Rs. 851,85,10,201/-. 3.2. Aggrieved with such draft assessment order, assessee raised objections before the DRP, who directed the TPO to examine the veracity of the contention of the assessee with regard to the invoice dated 31.03.2017. The TPO after examining the issued, passed the order, confirming the adjustment made as per 92CA of the Act at Rs. 1,85,87,919/- on account of interest on delayed receivables transactions undertaken by the assessee company for A.Y. 2018-19. 4. Feeling aggrieved with final assessment order, asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hon ble Rajasthan High Court in the case of Vaibhav Global Limited Vs. ACIT reported in 453 ITR 24 had decided the issue in favour of the assessee. 8. We have heard the rival submissions and perused the material on record. In the present case, DRP has not considered the submissions of the assessee on trade receivables and in para 2.1.21 it is categorically mentioned that the period granted for furnishing the details was too short and therefore, there was violation of principles of natural justice and thereafter, DRP has directed the TPO to grant one more opportunity to the assessee to explain and decide the issue. Paragraph 2.1.21 provides as under : 2.1.21 The assessee has primarily has objected that proper opportunity of being hea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer has passed the order on 30.06.2022. In our view and in the light of the submissions made before us by the ld. AR that sufficient opportunity was not granted by the lower authorities, we are of the opinion that one more opportunity is required to be given to the assessee to explain its case before the TPO. In the light of the above, we deem it appropriate to remand back the matter to the file of Assessing Officer / TPO for passing a fresh order after granting due opportunity of hearing to the assessee, in accordance with law. The assessee is also directed to produce all the documents / submissions in the light of the grounds raised hereinabove. The learned TPO is expected to apply the law laid down by this Tribunal in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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