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2022 (12) TMI 353 - AT - Income TaxTP Adjustment - interest on trade receivables - TPO proposed to compute the interest on delayed trade receivables by using weighted average method - TPO computed the interest by using LIBOR – six months + 400 basis points - HELD THAT:- As we direct the TPO to compute the interest on receivables based on the principle enunciated hereinabove. The directions of the DRP of granting credit period of 90 days is to be granted for year under consideration. In the event, it is found that the interest so computed stands subsumed in the Working Capital Adjustment, no further disallowance has to be made, as has been observed in case of Orange Business Services India Solutions Pvt. Ltd. [2018 (2) TMI 1151 - ITAT DELHI] Set off of brought forward business losses and unabsorbed deprecation, 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. Levy of interest u/s. 234A & B and levy of penalty u/s. 271(1)(c) - AR submitted that 234A interest is not applicable as the assessee filed its return of income within the period of limitation for year under consideration - HELD THAT:- We direct the AO to verify the submission of assessee and to consider the claim in accordance with law. Interest u/s. 234B & 271(1)(c) penalty are consequential in nature and do not require adjudication.
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