https://www.taxtmi.com/caselaws?id=456335 The Tribunal dismissed certain grounds not pursued by the appellant. It ruled that interest on delayed consideration from non-residents should be calculated using the LIBOR rate, not the Prime Lending Rate, due to the foreign origin of funds. Regarding the disallowance of reimbursed amounts for nondeduction of tax, the Tribunal remitted the issue back to the Assessing Officer, pending the AAR's decision, in accordance with Section 245RR of the Income Tax Act. The appeal was partially allowed, requiring further examination post-AAR decision. en-us Tue, 03 Mar 2020 00:00:00 +0530 Wed, 17 Jul 2024 20:53:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456335 The Tribunal dismissed certain grounds not pursued by the appellant. It ruled that interest on delayed consideration from non-residents should be calculated using the LIBOR rate, not the Prime Lending Rate, due to the foreign origin of funds. Regarding the disallowance of reimbursed amounts for nondeduction of tax, the Tribunal remitted the issue back to the Assessing Officer, pending the AAR's decision, in accordance with Section 245RR of the Income Tax Act. The appeal was partially allowed, requiring further examination post-AAR decision. Case-Laws Income Tax Tue, 03 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456335