9911796707
TMI Blog2018 (5) TMI 1835X X X X Extracts X X X X X X X X Extracts X X X X ..... action to finance the AE. It is also observed that even on the amount received by the assessee in advance from its AE in earlier years, no interest was paid. Never in the past, the assessee has charged any interest from its export customers on delayed realization of its sales proceeds. Meaning thereby, the stand of the assessee that it has not charged interest on the delayed realization of debts in non-AE institutions, has rightly been accepted by the ITAT because it is admitted position of the case that no interest is charged from non AE/s, which is independent transaction as well, there cannot be any occasion to make ALP adjustment for notional interest on delay in realization of trade debts from AE/s. The finding given by the learned ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver, the same was dismissed by said appellate authority vide order dated 28.01.2016. The respondent/assessee preferred further appeal against the order dated 28.01.2016 before the learned I.T.A.T. and the learned I.T.A.T. allowed the appeal (Appeal No.155/Jodh/2016) vide order dated 22.05.2017. The instant appeal has been filed to challenge the validity of impugned order dated 22.05.2017 on various grounds. Learned counsel for the appellant submits that substantial question of law arises in this appeal, as to whether the Tribunal was justified in deleting the addition of ₹ 1,79,92,192/- made on account of reference under Section 92CA (1) of the Act without considering reference drawn by the TPO in accordance with the provisions of l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot be, the case of the Transfer Pricing Officer that the export transaction was a sham transaction to finance the AE. It is also observed that even on the amount received by the assessee in advance from its AE in earlier years, no interest was paid. Never in the past, the assessee has charged any interest from its export customers on delayed realization of its sales proceeds. Meaning thereby, the stand of the assessee that it has not charged interest on the delayed realization of debts in non-AE institutions, has rightly been accepted by the ITAT because it is admitted position of the case that no interest is charged from non AE/s, which is independent transaction as well, there cannot be any occasion to make ALP adjustment for notio ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
