https://www.taxtmi.com/caselaws?id=763761 The ITAT Bangalore upheld that outstanding receivables beyond credit period from associated enterprises constitute separate international transactions requiring independent benchmarking. The tribunal rejected arguments regarding COVID-19 RBI relaxations as they applied to FY 2020-21, not the relevant assessment year 2019-20. Commercial expediency claims were dismissed due to lack of evidence. The tribunal allowed netting of receivables against payables to the same associated enterprise if demonstrated by facts. Issues regarding working capital adjustment and MAT computation errors were remanded to TPO/AO for reconsideration and rectification respectively. en-us Mon, 23 Dec 2024 00:00:00 +0530 Fri, 27 Dec 2024 09:00:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763761 The ITAT Bangalore upheld that outstanding receivables beyond credit period from associated enterprises constitute separate international transactions requiring independent benchmarking. The tribunal rejected arguments regarding COVID-19 RBI relaxations as they applied to FY 2020-21, not the relevant assessment year 2019-20. Commercial expediency claims were dismissed due to lack of evidence. The tribunal allowed netting of receivables against payables to the same associated enterprise if demonstrated by facts. Issues regarding working capital adjustment and MAT computation errors were remanded to TPO/AO for reconsideration and rectification respectively. Case-Laws Income Tax Mon, 23 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763761