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TMI Blog2020 (3) TMI 1475X X X X Extracts X X X X X X X X Extracts X X X X ..... rishnan, CIT ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: This appeal of the assessee is directed against the assessment order consequent to the direction of the Dispute Resolution Panel dated 31.08.2016. 2. Shri Sriram Seshadri, the Ld. Representative for the assessee submitted that he was instructed to not press the Ground Nos.1,2,3,4 & 6 raised before this Tribunal. The Ld. Represent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not under PLR. The Ld. Representative for the assessee very fairly submitted that he is not disputing the charging of interest on the delayed receipt of money from non-residents. 4. On the contrary, Shri S. Ramakrishnan, the Ld. Departmental Representative submitted that the source of funds on which the interest was charged is from India. Therefore the Indian rate of interest has to be levied. He ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the authorities below. Accordingly, the orders of authorities below are set aside and the Assessing Officer is directed to charge interest under LIBOR rate. 6. The next issue arises for consideration is disallowance of amount reimbursed to M/s. GTE Overseas Corporation for nondeduction of tax. 7. Shri Sriram Seshadri, the Ld. Representative for the assessee submitted that the assessee approa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he matter be kept pending till the AAR decide the issue one way or the other. The Ld. Representative further submitted that in the earlier assessment year, this Tribunal has remitted back the matter to the file of the Assessing Officer for reconsideration with a direction to decide the issue after the decision of the AAR. The Ld. Representative has also placed his reliance in Section 245RR of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the Assessing Officer. Accordingly, while setting aside the order of the authorities below, the issue of reimbursement of expenditure is also remitted back to the file of the Assessing Officer. The Assessing Officer shall re-examine the same and decide the issue afresh after AAR decide the issue one way or the other. 9. In the result, the appeal of the assessee is partly allowed. Order pronoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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