https://www.taxtmi.com/caselaws?id=310448 ITAT Delhi ruled in favor of the assessee on multiple issues. The tribunal held that forex fluctuation from international transactions should be treated as operating income. Regarding interest on receivables, the TPO's addition of 400 basis points markup on LIBOR was rejected, as no benchmarking is required when no interest is charged by either party and amounts were received within 90-95 days. The tribunal also allowed deduction of education cess under Section 37, finding it doesn't fall under Section 40(a)(ii) restrictions. en-us Fri, 29 Oct 2021 00:00:00 +0530 Thu, 26 Oct 2023 07:43:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310448 ITAT Delhi ruled in favor of the assessee on multiple issues. The tribunal held that forex fluctuation from international transactions should be treated as operating income. Regarding interest on receivables, the TPO's addition of 400 basis points markup on LIBOR was rejected, as no benchmarking is required when no interest is charged by either party and amounts were received within 90-95 days. The tribunal also allowed deduction of education cess under Section 37, finding it doesn't fall under Section 40(a)(ii) restrictions. Case-Laws Income Tax Fri, 29 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310448