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2022 (7) TMI 1355 - AT - Income TaxTP Adjustment - Unrealised foreign exchange gain on FCCBS - forex gain on restatement of FCCB is held to be operating in nature - HELD THAT:- We direct the Ld.AO to verify the claim of assessee that the gain has not been claimed in the computation of income and forms part of computing the margin as per transfer pricing provisions. TPO is directed to consider the claim in accordance with the above view in assessee’s own case for A.Y. 2010-11 [2015 (9) TMI 556 - ITAT BANGALORE] Interest on trade receivables - TPO computed interest on outstanding receivables at the rate equal to 4.3087% on receivables that exceeded 90 days as per the directions of the DRP - HELD THAT:- There has to be a proper inquiry by the TPO by analysing the statistics over a period of time to discern a pattern which would indicate that vis-à-vis the receivables for the supplies made to an AE, the arrangement reflected an international transaction intended to benefit the AE in some way. Similar matter once again came up for consideration in Avenue Asia Advisors Pvt. Ltd.[2017 (9) TMI 1295 - DELHI HIGH COURT] - Following the earlier decision in Kusum Healthcare [2017 (4) TMI 1254 - DELHI HIGH COURT] it was observed that there are several factors which need to be considered before holding that every receivable is an international transaction and it requires an assessment on the working capital of the assessee. Applying the decision in Kusum Health Care (supra),directed the TPO to study the impact of the receivables appearing in the accounts of the assessee; looking into the various factors as to the reasons why the same are shown as receivables and also as to whether the said transactions can be characterized as international transactions.” We deem it appropriate to set aside this issue to Ld.AO/TPO for deciding it in conformity with the above referred judgment. Needless to say, the assessee will be allowed a reasonable opportunity of being heard in accordance with law. Set off of brought forward business losses and unabsorbed depreciation, set off of MAT credit, and non-granting of foreign tax credit - HELD THAT:- We direct the Ld.AO to consider the above claim in accordance with law. The assessee is directed to furnish relevant information / details in support of the claim. Accordingly, these grounds filed by assessee stands allowed for statistical purposes.
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