2023 (9) TMI 1760

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....nnai u/s.143(3) r.w.s 92CA(4) r.w.s 144C(3) of the Income Tax Act, 1961 (hereinafter 'the Act') dated 28.03.2017. 2. The only issue in this appeal of the assessee is against order of the CIT(A) confirming final assessment order on the issue of treating outstanding receivables by the assessee from its Associated Enterprises as separate international transactions u/s.92B(1) of the Act and making adjustment on account of interest on the outstanding receivables and also raised, without prejudice to the above, issue of netting off payable outstanding to AEs has to be allowed against receivables outstanding. For this issue, the assessee has raised ten grounds which are argumentative and factual and hence, need not be reproduced. 3. Brief fa....

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....e arguments of the learned CIT DR that the issue is squarely covered by the decision of the Hon'ble Supreme Court in the case of MC Kinsey Knowledge Centre India Pvt. Ltd Vs. PCIT., Delhi-6 (2019) 102 taxmann.com 439(SC), wherein it is held that Explanation to section 92B by Finance Act, 2012, proved that if there is any delay in realization of a trading debt arising from sale of goods or services rendered in course of carrying on of business, assessee is liable to be visited with transfer pricing adjustment on account of interest income short charged/uncharged. Once it is held that this is an international transaction, the only issue raised by the assessee in alternative plea is as regards to netting off payables as noted by DRP in the ass....