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        Income Tax

        Transfer Pricing Adjustment on Delayed Sales Proceeds - Normally...

        ITAT Rules LIBOR as Appropriate Interest Rate for Delayed Sales Proceeds, Over Indian PLR, Based on Currency Context.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Transfer Pricing Adjustment on Delayed Sales Proceeds - Normally there would be a difference between the lending rate and borrowing rate in each country. Some authors and writers suggest that the average or mid-point between the two should be taken. However, others like Klaus Vogel have suggested that economic purpose and substance of the debt-claim or debt for which granting of credit calls for the lending rate would be determinative. - The ITAT observed that, we do not deem it necessary to enter into this controversy and express our view as regards the same. - The ITAT held that the interest rate on delayed sales proceeds should be based on the currency in which the loan is to be repaid, favoring the application of LIBOR over the Indian Prime Lending Rate (PLR).
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