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TMI Blog2022 (9) TMI 761X X X X Extracts X X X X X X X X Extracts X X X X ..... ld. F.A.A.) in an appeal before it against assessment order dated 19.01.2018 passed u/s 143(3) read with section 92CA(3) of the Act by Assistant Commissioner of Income Tax, Circle 14(2), New Delhi (hereinafter referred to as the ld. Assessing Officer or in short Ld. AO). 2. The facts in brief are Assessee is a company engaged in business of import and delivery of coal to various PSUs, private sector/steel/cement and other utilities. Coal is being imported mainly from Indonesia/South Africa and small quantity of imported coal is procured locally in accordance with the requirements of customers and Power trading division is involved in scanning the power market on continuous basis and obtaining surplus power and selling the same in deficit a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ails of invoices raised and payment received there upon and the resulting interest chargeable is given below :- S.N o. Date of invoice Amount in USD Equivalen t Amount Date of receipt Difference of days Difference of days- 30 Interest @ 12.83% 1. Tuesday, December 31,2013 150217 9028012 Monday , June 30,2014 181.00 151.00 479184.6 2. Tuesday, December 31,2013 305430 18356282 Monday , June 30,2014 181 151.00 974306.2 3. Monday, March 31, 2014 907087 2 54515759 3 Tuesday , July 15, 2014 106 76.00 14563624 4. Monday, March 31, 2014 907087 2 3464299 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s). (ii) Whether in the facts and circumstances of the case, Ld. CIT(A) was justified in relying upon the judgment of Hon'ble Bombay High Court in the case of Indo American Jewelry Ltd. in ITA No. 1053 of 2012, ignoring the fact that Hon'ble Court has also stated therein its order that the delay in realization of export proceeds in both the cases is the same and on the other hand, in the instant case the taxpayer did not submit such details of breakup-wise amount realized during the F.Y. 2013-14 from the both areas (AEs & Non- AEs). (iii) Whether in the facts and circumstances of the case, Ld. CIT(A] was justified in relying upon the judgment of Hon'ble Bombay High Court in the case of Indo American jewelry Ltd. in ITA No. 105 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are two sides of the same point and hence, both have to be taken together and only the net amount can be adjusted as a separate transaction. In the instant case, as the situation at the end of the year is one of net payable. However, the contention of the appellant is not accepted as each payable / receivable has to be taken separately and the delay in payment worked out accordingly." 8. The aforesaid observations clearly indicate that the aforesaid contention of assessee was discarded and the assessee has not challenged the same in either ways. 9. Then with regard to the directions issued by the ld. CIT(A) to AO / TPO giving rise to the grounds of present appeal of revenue it can be observed that at no stage during the hearing before TP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act and it merely mentions of Assessing officer. Thus as such when the appellate powers of Ld.CIT(A) are considered, within the ambit of Section 250(4) read with Section 251(1) of the Act, no such directions could have been issued by the CIT(A) to the TPO, who is exercising independent powers under Section 92CA of the Act. In the case in hand, the directions as issued by Ld CIT(A) to the TPO, would in fact would lead to the reopening of reference proceedings, before Ld. TPO, by allowing fresh piece of evidence. Specially, the one, which has not surfaced before any tax authority, so far. 13. Thus, the directions issued by the Ld. CIT(A) cannot be sustained. However, the end of justice will be served by directing Ld. CIT(A) to call for t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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