9911796707
TMI Blog2025 (1) TMI 966X X X X Extracts X X X X X X X X Extracts X X X X ..... er notice of demand issued u/s. 156 of the Income-tax Act, 1961 (the Act) dated 22.10.2024. 2. The contentions raised in the stay petition are reiterated by the ld. AR. The first contention raised is that after the draft assessment order is passed, the assessee has deposited a sum of Rs. 4,04,00,000 on 31.12.2024 for this assessment year which has not been granted credit to the assessee. If the above amount is considered as a credit, then the assessee has already deposited 20% of the demand outstanding. The ld. AR submitted a copy of the challan. Secondly, the ld. AR submitted that addition is made in view of the adjustment of international transaction of ITeS segment of Rs. 31.05 crores, trading segment of Rs. 27.53 crores and manufacturi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 29.8.2024, but DRP did not give any direction inadvertently, so, no correction was made by the ld. TPO. He further submits that an application for rectification of mistake was filed 27.8.2024 showing the apparent error in computation of interest of Rs. 18.58 crores on outstanding receivables wherein the correct demand, if everything else is accepted, would become only Rs. 11 crores. Such an application is still not responded to. In the end, he submitted that as the assessee has deposited Rs. 4.4 crores for which credit has not been given, which is more than 20% of the outstanding demand, assessee deserves stay. 3. The ld. DR vehemently objected to stay petition and submitted that amount of tax paid of Rs. 4.4 crores has not been shown by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s failed to do their duty to make such corrections when it is so obvious. Further, no doubt, while computing interest on outstanding receivable from AE, assessee did not give the invoices-wise information, but that does not mean that the ld. TPO should have computed interest by taking figure for which there is no substantial evidence. The application made by the assessee u/s. 154 of the Act is also pending, which clearly shows that if such arithmetical inaccuracy is removed, the addition of Rs. 18 crores will come to half of that. Therefore, if the arithmetical accuracies are considered and if they are given import to the TP adjustment, the trading & manufacturing segment would prima facie fall within the arm's length price and addition on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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