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2016 (7) TMI 1402 - AT - Income TaxNotional interest due to delayed recovery of trade debts from AE - Charging interest from both AE and Non-AE debtors for delayed realization of export proceeds - Held that:- In a case like this the proper method is to take a simple average. If we take a simple average then there has been a delay of 132 days in the case of AE and 130 days in the case of Non-AEs in realization of the export proceeds. Thus there is uniformity in the act of the assessee in not charging interest from both AE and Non-AE debtors for delayed realization of export proceeds. Respectfully following the judgment of Hon’ble Bombay High Court in the case of Indo American Jewellery Ltd. [2013 (1) TMI 804 - BOMBAY HIGH COURT] the appeal filed by the Revenue is dismissed.
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