Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
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The ITAT Hyderabad addressed a Transfer Pricing (TP) Adjustment issue regarding interest on outstanding receivables, determining if it constitutes an international transaction. Referring to the amendment to Section 92B of the Act by the Finance Act, 2012, the Tribunal held that interest on outstanding receivables is indeed an international transaction requiring separate benchmarking. The Tribunal noted that the DRP directed the AO to use the SBI short-term deposit interest rate as the Arm's Length Price (ALP) interest rate and adjust income based on a credit period of thirty days or as per the agreement/invoice. The Tribunal directed the AO/TPO to compute the interest rate on similar foreign currency receivables/advances as LIBOR+200 points, applying the appropriate credit period. The Tribunal allowed the grounds in part, emphasizing the need for accurate computation and adherence to the specified credit period.
The ITAT Hyderabad addressed a Transfer Pricing (TP) Adjustment issue regarding interest on outstanding receivables, determining if it constitutes an international transaction. Referring to the amendment to Section 92B of the Act by the Finance Act, 2012, the Tribunal held that interest on outstanding receivables is indeed an international transaction requiring separate benchmarking. The Tribunal noted that the DRP directed the AO to use the SBI short-term deposit interest rate as the Arm's Length Price (ALP) interest rate and adjust income based on a credit period of thirty days or as per the agreement/invoice. The Tribunal directed the AO/TPO to compute the interest rate on similar foreign currency receivables/advances as LIBOR+200 points, applying the appropriate credit period. The Tribunal allowed the grounds in part, emphasizing the need for accurate computation and adherence to the specified credit period.
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