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2020 (9) TMI 153 - AT - Income TaxTP Adjustment - applicable rate for computing interest on outstanding receivables - interest shall be charged at LIBOR plus rate and not at the prevailing SBI Base rate as per held by the AO - HELD THAT:- As observed that the submissions of the Ld. DR and the calculations given during the hearing are not tenable as it has not considered the calculations given by the assessee before the TPO/Assessing Officer/DRP. Calculations given by the Ld. DR at this juncture will not appropriate as the case of the assessee is regarding outstanding receivables and the principal of Techbooks International [2020 (7) TMI 620 - ITAT DELHI] will not apply in the present case. In this present assessment, the assessee has given all the details which was reproduced by the Transfer Pricing Officer (TPO) it its order and without discussing calculations and the evidences produced by the assessee, simplicitor made adjustment. There was no contrary facts given by the TPO in consonance with the evidence produced by the assessee before the TPO. Calculation given by the DR in his submissions is not in-consonance with the actual figures and the calculations considered by the TPO as well as the DRP at the time of assessment proceedings. The facts of the assessee’s case are identical in the present year to that of A.Y. 2010-11 which is already decided by the Hon’ble Delhi High Court [2017 (4) TMI 1254 - DELHI HIGH COURT] in assessee’s favour. No distinguishing facts were pointed out by the Ld. DR. - Decided in favour of assessee.
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