2018 (3) TMI 1901

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....ant by : Shri R. Vishwanathan,FCA Respondent by : Ms. S. Vijayaprabha, JCIT A. Mohan Alankamony, J. This appeal by the assessee is directed against the order passed by the learned members of the Dispute Resolution Panel - 2, Bengaluru, dated 21.12.2016 for the assessment year 2012- 13 passed U/s.144C(4) of the Act. 2. The assessee has raised several grounds in its appeal however the cr....

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....U/s.10AA of the Act and declaring book profit of Rs. 6,46,50,312/-. The case was selected for scrutiny under CASS and notice U/s.143(2) of the Act was issued on 20.08.2013. Finally the assessment was completed U/s.143(3) r.w.s 92CA of the Act on 30.01.2017 wherein the Ld.TPO made upward adjustment on the income of the assessee to the tune of Rs. 3,50,23,483/- towards interest on overdue receivable....

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....e heard the rival submission and carefully perused the materials on record. We find merit in the submissions of the Ld.AR. Mumbai Bench of the Tribunal cited supra has held that were deemed notional interest has to be worked out in the case of funds receivable from AEs LIBOR rate would be most appropriate. The relevant portion of the order is reproduced herein below for reference: "14. Fr....

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....Global Solutions Ltd Vs ACIT (145 ITD 361) (2013) (Mumbai Tribunal) (iii)Tata Autocomp Systems Ltd Vs ACIT (52 SOT 48) (2012) (Mumbai Tribunal) (iv) Tata Autocomp Systems Ltd Vs ACIT (ITA No 1320 of 2012) (Approved by Bombay High Court) (v) Four Soft Ltd Vs DCIT (142 TT J 358) (2011) (Hyderabad Tribunal) (vi) Everest Kanto Cylinder Ltd Vs ACIT (L TU) (ITA No 550....