9911796707
TMI Blog2024 (7) TMI 721X X X X Extracts X X X X X X X X Extracts X X X X ..... tment is required - HELD THAT:- Upon careful consideration, we find considerable cogency in the submissions of the ld. counsel for the assessee. Accordingly, we remit the issue to the file of AO/TPO to properly apply the DRP s directions on this issue and decide as per law after giving the assessee an opportunity of being heard. In the result, the appeal of the assessee is allowed for statistical purposes. - Shri Shamim Yahya, Accountant Member And Shri Vimal Kumar, Judicial Member For the Assessee : Shri Ravi Sharma, Advocate, Ms. Shruti Khimta, AR For the Revenue : Shri Zafrul Haque Tanweer, CIT DR ORDER PER SHAMIM YAHYA, ACCOUNTANT MEMBER : This appeal filed by the assessee is directed against the order of the Assessing Officer dated 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O erred in initiating penalty proceedings under Section 270A and Section 271 B of the Act 4. That on the facts and circumstances of the case and in law, the Ld. AO erred in levying interest u/s 234B and 234C of the Act That the above grounds of appeal are without prejudice to each other. 3. Brief facts on the impugned issue are that the assessee, M/s. Stryker India Pvt. Ltd., is engaged in the import of medical/surgical products manufactured by its group companies and marketing and distribution of the same in India. On the impugned issue, during TP proceedings, the TPO noted that the assessee had outstanding trade receivables amounting to INR 50,34,22,761 from its AEs and that the same had not been mentioned in Form 3CEB and had also not be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ractices, a delay of 60 days is reasonable for receipt of payments against invoices/transactions. The AO/TPO shall net off the payables and charge interest on net receivables. The AO/TPO is directed to recomputed the interest chargeable on outstanding net receivables accordingly. 5. Against the assessment order passed in this case, assessee has filed this appeal before us. We have heard both the parties and perused the records. 6. Ld. Counsel for the assessee prayed that DRP has clearly directed the AO/TPO to net off the payables and charge interest on net receivables. AO/TPO was directed to recompute the interest chargeable accordingly. But ld. Counsel for the assessee submitted that this has not been done by the AO/TPO. As per the exercis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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