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TMI Blog2024 (10) TMI 1641X X X X Extracts X X X X X X X X Extracts X X X X ..... Malhotra, CIT (DR) ORDER PER WASEEM AHMED, ACCOUNTANT MEMBER: This is an appeal filed by the assessee against the order passed by the ld. CIT-1,2,3, Bengaluru dated 06/06/2024 in DIN No. ITBA/AST/S/ 143(3)/2024-25/1065451410(1) for the assessment year 2020-21. 2. The only issue raised by the assessee is that the AO/DRP erred in making upward adjustment of Rs. 31,89,289/- on account of delayed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the total income of the assessee. 5. Being aggrieved by the order of the AO/DRP, the assessee is in appeal before us. 6. The ld. AR before us submitted that the assessee as per the agreement with the AE was to grant credit for 90 days, which has not been considered by the AO/DRP in his order. Accordingly, the ld. AR submitted that there cannot be any adjustment of the trade receivables from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Hewlett Packard India Software Operations Private Limited (2022) 149 taxmann.com 280 (Bang. Trib.). 9. We have heard the rival contentions of both the parties and perused the materials available on record. In the light of the above discussion, we are of the view that the issue on hand needs to be revisited at the level of the TPO so as to find out whether the trade receivables are outstanding m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be appropriate to take the LIBOR rate + 2%. For this purpose, we place reliance on the judgment of the Bombay High Court in the case of CIT v. Aurionpro Solutions Ltd., 99 CCH 0070 (Mum HC). It is ordered accordingly." 9.1 With the above observation, we set aside the issue to the file of the TPO for fresh adjudication as per the provisions of law in the light of the above stated discussion. Henc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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