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TMI Blog2023 (8) TMI 587X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee in accordance with law. Short grant of credit for refund adjusted against the year under consideration - AR submitted that the Ld.AO has not granted credit for the adjustment in respect of the refunds pertaining to other Assessment Year that was adjusted against the year under consideration - HELD THAT:- Assessee is directed to once again file all the relevant details in respect of the TDS paid and the advance tax paid. The Ld.AO is directed to verify the same and consider the claim of assessee in accordance with law. - Shri. Chandra Poojari, Accountant Member And Smt. Beena Pillai, Judicial Member For the Assessee : Shri Darpan Kirpalani, Advocate For the Revenue : Shri Sunil Kumar Singh, CIT-2 (DR) ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal is filed by assessee against order dated 29.07.2022 passed by the Ld.DCIT, Circle 3(1)(1), Bangalore for A.Y. 2018-19 on following grounds of appeal: Sl.No. Grounds of Appeal Tax effect (in INR) 1. The Order/ Directions are bad in law and on facts NA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .1 The Ld. AO/ Ld. TPO/ Ld. Panel erred in law and on facts by treating the delayed receivables as unsecured loan advanced by the Appellant to its AE and treating the delayed receivables as an international transaction and computing notional interest on the same. 3.2 Without prejudice, in any event the delayed receivables cannot be treated as a separate international transaction and if at all, ought to be aggregated with the principal transactions. 3.3 Without prejudice, the Ld. Panel erred in determining the interest by applying SBI PLR interest rate although the invoices are raised by the Appellant in foreign currency. 4. Recharacterization of Compulsorily Convertible Debentures ('CCDs') as an equity instrument and recomputing the arm's length price of the interest paid thereon 4.1 The Ld. AO/ Ld. TPO/ Ld. Panel erred in law and in facts, in recharacterizing the CCDs as an equity instrument and re-computing the arm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t for such refund adjustments in the assessment order for AY 2018-19. 10. Erroneous computation of interest under Section 2348 of the Act NA 10.1 The Ld. AO erred in computing interest under Section 234B, amounting to INR 44,494,044 which is consequential to the additions/disallowances made. 11. Erroneous computation of interest under Section 234C of the Act NA 11.1 The Ld. AO erred in levy interest under Section 234C, amounting to INR 1,091,756 as against a sum of INR 67,092 computed in the return of income. 12. Initiation of penalty proceedings NA 12.1 The Ld. AO has erred in initiating penalty proceedings under section 270A of the Act for under-reporting of income. 2. Brief facts of the case are as under: 2.1 The assessee is a company and filed its return of income for AY 2018-19 on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f DRP, the TP adjustment was reduced to Rs. 15,27,49,625/- and an OGE dated 18.07.2022 was passed. 2.8 The Ld.AO on receipt of the OGE, passed the impugned order by making addition in the hands of assessee amounting to Rs. 15,27,49,625/-. 3. At the outset, the Ld.AR submitted that assessee wishes to withdraw the grounds relating to transfer pricing adjustment pursuant to APA dated 23.03.2023. Accordingly, ground nos. 2-4 raised by assessee stands dismissed as withdrawn. 4. It is submitted that Ground no. 1 is general in nature and therefore do not require any adjudication. 5. The Ld.AR submitted that Ground no. 5 is in respect of nongranting of foreign tax credit as per section 90 of the Act. 5.1 The Ld.AR submitted that, the assessee filed form 67 before the authorities below which has not been considered. Referring to page 2474, the Ld.AR submitted that, the assessee is eligible for foreign tax credit amounting to Rs. 1,217,475/-. The Ld.CIT.DR relied on the orders passed by authorities below. In the interest of justice, we remand this issue to the Ld.AO/TPO to consider the claim of assessee in accordance with law. Accordingly, this ground raised ..... X X X X Extracts X X X X X X X X Extracts X X X X
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