TMI Blog2021 (7) TMI 582X X X X Extracts X X X X X X X X Extracts X X X X ..... this point for rectification. Therefore, on this issue we do not find any mistake which needs rectification. Interest on advances for investment to AEs - We find that in the assessee s own case for the earlier A.Ys [ 2017 (12) TMI 301 - ITAT HYDERABAD ] Tribunal has set aside the issue to the file of the AO/TPO with a direction to consider the same denovo. Since facts and circumstances are similar and the assessee had relied upon the same during the course of hearing but the same has not been considered, we agree that there is a mistake apparent from record which needs rectification. Mistake on account of interest on outstanding receivables - We find that while determining the ALP adjustment of ITeS services, we had observed tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee should be considered at to be at ALP and no adjustment would be required. It is further submitted that thereafter, the Tribunal has held that it was not going into the acceptability or otherwise of the functional dissimilarities of the comparables challenged by the assessee as it would only result in an academic exercise at that stage. It is submitted that while deciding this issue, the Tribunal has not given any direction on the grounds of exclusion and inclusion of the companies raised in Grounds 1.1.2 of the appeal and also grounds 6,7,8 and 9, which is a mistake apparent from record. The assessee thus wants recall of the order of the tribunal and adjudication of such grounds. 2. The learned DR, however, submitted that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubsequent years, the investment was converted into equity and that the shares were allotted to the assessee company. It is submitted that the Tribunal has not considered its own decision in the assessee s own case in ITA No.267/Hyd/2014. 4. As regards this issue of interest on advances for investment to AEs is concerned, we find that in the assessee s own case for the earlier A.Ys in ITA No.267/Hyd/2014, the Tribunal has set aside the issue to the file of the Assessing Officer/TPO with a direction to consider the same denovo. Since facts and circumstances are similar and the assessee had relied upon the same during the course of hearing but the same has not been considered, we agree that there is a mistake apparent from record which need ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tment takes care of the interest on receivables as on the closing date of the accounting year and does not take care of the interest on delayed receivables during the relevant year. Therefore, we do not see any mistake in the order of the Tribunal on this issue and the assessee s argument is accordingly rejected. 6. In the result, M.A. No.16/Hyd/2021 is partly allowed. M.A. No.17/Hyd/2021 7. In this M.A., the very same issues which have been raised in M.A. No.16/Hyd/2021 are raised and for the detailed reasons in M.A. No.16/Hyd/2021 of even dated, this M.A is also treated as partly allowed. 8. To sum up, both the M.As are partly allowed. Order pronounced in the Open Court on 14th July, 2021. - - TaxTMI - TMITax - ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
