2019 (9) TMI 919

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....er For the Assessee : Sri P. Murali Mohan Rao For the Revenue : Sri Y.V.S.T. Sai, CIT-DR ORDER PER SMT. P. MADHAVI DEVI, J.M. These miscellaneous applications are filed by the assessee for the rectification of alleged mistakes in the order of the Tribunal for the A.Ys 2013-14 & 2014-15 respectively. 2. In M.A. No.66/Hyd/2019, the assessee has submitted that one of the issues in t....

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....nly such of the collections beyond the industrial average, should be charged with interest based on the rate of LIBOR since it is an international transaction. He, therefore, submitted that the Tribunal has already considered this issue and there was no mistake apparent from the record which needs any rectification u/s 254(2) of the Act. 4. Having regard to the rival contentions and the materia....

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....ounds and if they were to be admitted, to consider the merits of the additional grounds of appeal filed by the assessee. If these grounds are admitted and allowed, then the consequences/result of such decision would have an impact on the decision already taken by the Tribunal. Therefore, these grounds may need adjudication by the Tribunal. Therefore, we are of the opinion that there is a mistake a....

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.... to the file of the AO for calculating the industrial average period of collection and directed the AO not to charge interest if the receivables were collected within the industrial average period. We find that we have not adjudicated the specific ground raised by the assessee in Ground No.2.1 which are similar to the additional grounds 5 and 6 raised by the assessee for the A.Y 2013-14. Therefore....