2018 (8) TMI 2061

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....alore, dated 18.11.2015 passed in IT(TP)A No.757/Bang/2011 (M/s.Avnet India Pvt. Ltd., vs. The Deputy Commissioner of Income-tax ) for A.Y.2007-08. 2. This appeal has been admitted on 06.12.2017 to consider the following substantial question of law framed by the learned counsel for the Appellants-Revenue:- "Whether, the Tribunal, on the facts and in the circumstances of the case, the tribunal is right in holding that there is no separate international transaction of interest on overdue receivable when the recovery not made on such receivables within the time limit amounts to a loan and accordingly interest is to be charged at Arms Length Price?." 3. The learned Tribunal, after discussing the rival contentions of both the Appe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Since we hold that the impugned transaction of interest on delayed realization of sale proceeds is not international transaction, it is not necessary to adjudicate upon the additional grounds raised by the assessee company. Hence, the appeal is treated as partly allowed for statistical purposes". 4. However, this Court in a recent judgment in ITA No.536/2015 C/w ITA No.537/2015 delivered on 25.06.2018 (Prl. Commissioner of Income Tax & Anr. Vs. M/s. Softbrands India Pvt. Ltd.,) has held that in these type of cases, unless an ex-facie perversity in the findings of the learned Income Tax Appellate Tribunal is established by the appellants, the appeal at the instance of an assessee or the Revenue under Section 260-A of the Act is not maint....