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TMI Blog2019 (1) TMI 805X X X X Extracts X X X X X X X X Extracts X X X X ..... while disposing of this petition we observe that none of the pending proceedings of the petitioner assessee, be at any stage of assessment, first appellate or second appellate stage, would be influenced by the observations and directions of the Tribunal in this respect, in the context of the issue similar to the present one. - WRIT PETITION NO.3321 OF 2018 - - - Dated:- 11-1-2019 - AKIL KURESHI M.S. SANKLECHA, JJ. Mr. Jehangir Mistri, Senior Counsel a/w Mr. Madhur Agarwal I/b Mr. Atul Jasani for the petitioner Mr. N.C. Mohanty for the respondents P.C. 1. This petition is filed by the assessee in order to challenge an order dated 25th July, 2018 passed by the Income Tax Appellate Tribunal ( the Tribunal for short) in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tstanding receivables are at a much higher figure of ₹ 12.35 crores, which prima facie reveals that the receivables represent outstanding for more than one year. Further, clause (i)(c) of explanation to Section 92B covers 'receivables' as international transaction w.e.f. 01.04.2002. Therefore, we are of the view that benchmarking of the same could have been done by comparing credit period allowed by assessee for other receivables i.e. internal CUP could have been used to benchmark this transaction. The assessee has relied upon the order of Tribunal in assessee's own case for 2006-07, ITA No.8360/Mum/2018 order dated 16/12/2016. But a perusal of paragraphs 20 to 25 of the said order reveals that Tribunal has relied fir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal therefore, while remanding the issue back before the Assessing Officer for fresh consideration, could not have been directed examination of Transfer Pricing Mechanism. This application came to be dismissed by the Tribunal by an order which is impugned in this petition. 6. Before examining the issues further, we may also record two important developments. Firstly, the petitioner has filed an independent Tax Appeal No. 1255 of 2017 challenging the judgment of the Tribunal dated 04.01.2017 raising multiple issues including of the correctness of the Tribunal's remand, directions for examination of the Transfer Pricing on the present issue. Second development is that the Assessing Officer has already passed consequential order p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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