TaxTMI 
TaxTMI 
2021 (6) TMI 969
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....ssessments dated 13/11/2016 and 26/10/2017, framed in furtherance to the Dispute Resolution Panel-1, Bangaluru [in short 'DRP']'s directions, dated 3/12/2015; 25/10/2010 and 07/09/2017 in File Nos. 427/DRP-BNG/2015-16; 190/DRP-BNG/2016-2017 and 391/DRP-BNG/2016-17; respectively, involving proceedings U/s. 143(3) r.w.s 144C of the Income Tax Act, 1961 [the Act]. 2. At the outset, we find that there is a delay of 2 days in filing of the Revenue's Appeal ITA No. 451/Hyd/2016 (A.Y. 2011-12) in respect of which the jurisdictional Income Tax Officer, Ward-16(3), Hyderabad had filed an affidavit stating the reasons for filing the Appeal beyond the prescribed time limit and the relevant portion from the affidavit is extracted herei....
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....vely. 5. We notice at the outset that the DRP's directions in Revenue's Appeal (ITA 451/H/2016) have placed reliance on the tribunal's Order in assessee's appeal itself ITA No. 1758 & 1936/H/2014 deleting identical adjustment that there is no material on record about the impugned receivables to have arisen as a consequence to sales made to the AE(s) thereby forming an independent transaction u/s. 92B of the Act. We are further informed that the learned lower authorities have adopted State Bank of India's Short Term Deposit Rates between 4.7% and 7.25% in AY 2012-13 and 2013-14 whilst making the impugned adjustment. 6. The first and foremost argument raised at both the party's behest is as to whether interest on rec....
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....ce of the transactions in the very segment; followed by benchmarking thereof as per the international currency "LIBOR" rates only. We, therefore, reverse the TPO's identical action in all these Assessment Years in view of the foregoing twin reasons regarding non-quantification of the impugned adjustment(s) segment wise and as per the LIBOR rates. Coupled with this, the fact also remains that the Assessee has already succeeded on the very issue in AY 2009-2010. We, thus, follow judicial consistency as whilst confirming the DRP's directions in A.Y: 2011-2012 to the Assessing Officer to delete the impugned interest adjustments on receivables of Rs. 2,30,25,260/- and further delete similar adjustments of Rs. 12,12,62,138/- and Rs. 12,71....
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....r to exclude the impugned communication charges from assessee's turnover as well. It's latter substantive ground in AY 2012-13's appeal is accepted for statistical purposes. It's main Appeal ITA No. 131/H/2017 is partly allowed in foregoing terms. 11. We are now left with the Assessee's last appeal ITA No. 2196/H/2017 for the A.Y. 2013-14. It's former substantive ground that remains unadjudicated is that the learned lower Authorities have erred in law and on facts and in disallowing business promotion expenses of Rs. 51,32,730/-. Suffice to say, it transpires from a perusal of the case records the DRP had directed the Assessing Officer to examine the Assessee's vouchers to the tune of Rs. 82,93,680/- which in tu....