https://www.taxtmi.com/caselaws?id=445299 The ITAT Hyderabad upheld the TPO's decision to charge 6% interest on receivables outstanding beyond 30 days, finding the assessee failed to provide adequate supporting evidence like ledgers and confirmations despite submitting invoices and calculations. The tribunal rejected the assessee's argument that deferred receivables don't constitute separate international transactions requiring benchmarking. However, regarding section 10AA deduction, the tribunal directed the AO to delete the disallowance, noting that CPC had already allowed the deduction through rectification and the AO had not disputed this in the draft assessment order. en-us Thu, 19 Oct 2023 00:00:00 +0530 Sat, 04 Nov 2023 09:16:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445299 The ITAT Hyderabad upheld the TPO's decision to charge 6% interest on receivables outstanding beyond 30 days, finding the assessee failed to provide adequate supporting evidence like ledgers and confirmations despite submitting invoices and calculations. The tribunal rejected the assessee's argument that deferred receivables don't constitute separate international transactions requiring benchmarking. However, regarding section 10AA deduction, the tribunal directed the AO to delete the disallowance, noting that CPC had already allowed the deduction through rectification and the AO had not disputed this in the draft assessment order. Case-Laws Income Tax Thu, 19 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445299