9911796707
TMI Blog2024 (10) TMI 1641X X X X Extracts X X X X X X X X Extracts X X X X ..... re was a delay in the recovery of trade receivable form the associated enterprises, which represents the international transaction and accordingly he made the upward adjustment - TPO, while bench marking the impugned international transaction had adopted the SBN/short term deposit interest rate. HELD THAT:- The issue on hand needs to be revisited at the level of the TPO so as to find out whether ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 recovery of the trade receivables from the associated enterprises. 3. The TPO during the proceedings found that there was a delay in the recovery of trade recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 AE within the period of 90 days. 7. On the other hand, the ld. DR contended that the assessee has nowhere raised the contention before the DRP that the trade r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 more than 90 days if yes, only such trade receivables will be made subject to the adjustment on account of interest up to the end of the financial year in dispute ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns 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. Hence, ground of appeal of the assessee is hereby partly allowed for statistical purposes. 10. In the result, the appeal filed by the assessee is partly allowed for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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