9911796707
TMI Blog2024 (10) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... e. beyond the period agreed for credit. Further a reference can be made to the decisions of Coordinate Bench in the case of Albany Molecular Research [ 2020 (11) TMI 1018 - ITAT HYDERABAD] wherein it is held that where assessee has to receive outstanding from its AE then LIBOR +200 points is the correct rate for determining ALP. We direct the AO to apply LIBOR +200 points adjustment without any further adjustment to benchmark the transaction of interest on receivables. Credit of tax may be given to the assessee, if the assessee would be able to prove before the AO that it has taken over all the assets and liabilities of the amalgamated company - We observe that this issue requires fresh adjudication at the end of AO and in case the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mation electronically. After verification of the information submitted by the assessee, the assessment is completed. 3. Aggrieved with the order of Transfer Pricing Officer ( TPO ), the assessee preferred objections before the Learned Dispute Resolution Panel [ Ld. DRP ] and assailed the order of TPO on various aspects. The Ld. DRP vide its order dt. 31.03.2021 partly affirmed the order of TPO. 4. Still aggrieved the assessee preferred the present appeal before the Tribunal and raised as many as 17 grounds of appeal. However, by way of application dt. 4.9.2024 the learned counsel for the assessee prayed that the assessee is in the process of entering into an APA agreement with the CBDT and hence the assessee is not pressing other grounds ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... redit. Further a reference can be made to the decisions of Coordinate Bench in the case of Albany Molecular Research VS DCIT dated 26.11.2020, wherein it is held that where assessee has to receive outstanding from its AE then LIBOR +200 points is the correct rate for determining ALP. 8. Further we observe that in the case of S P Capital IQ (supra), the co-ordinate bench in para 16 held as under : 16. We have heard the rival contention and also gone through the records in the light of the submissions made on either side. In the case of PCIT Vs. Tecnimont (P) Ltd. (2018) 96 taxmann.com 223 (Bombay) for the A.Y. 2009-10, Hon'ble Bombay High Court held that interest chargeable on delayed recovery of export receivables from AEs should be tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der : 7.6 However, the A.O. has not given any reason in the impugned order for not granting credit of TDS and advance tax as claimed by the assessee in its return of income. In view of the above facts and following the above directions of the Hon'ble ITAT, the Assessing Officer is directed to grant the credit of TDS and advance tax after considering the evidences filed by the assessee and decide the issues in accordance with law after providing opportunity of being heard to the assessee. accordingly, the grounds Nos. 3 to 8 are treated as allowed for statistical purpose. 11. The Ld. DR has also agreed that this may be restored to the file of Assessing Officer for deciding afresh in accordance with the facts and circumstances of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X
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