TaxTMI 
TaxTMI 
2026 (10) TMI 358
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....'BLE MRS. JUSTICE K.S. HEMALEKHA For the Appellant : Sri. Ravi Raj Y.V., Advocate Foe the Respondent : None ORAL JUDGMENT PER: HON'BLE MR. VIBHU BAKHRU, CHIEF JUSTICE: 1. For the reasons stated in the affidavit accompanying the application, I.A No.1/2026, the same is allowed. The delay of 340 days in filing the appeal is condoned. 2. The Revenue has filed the present appe....
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....sed the final assessment order under Section 143 (3) read with Sections144C (3), Section 144B of the Act on 17.05.2024. 5. The Assessee is engaged in providing services such as end-to-end connectivity services for satellite, broadband, IPTV, Hybrid, OTT and EPG services. During the previous year relevant to AY 2020-21, the Assessee entered into various international transactions with its Associ....
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....he Revenue's contention that the delayed receivables were required to be benchmarked as a separate international transaction. However, the ITAT did not accept the interest rate adopted by the TPO namely the six-month London Interbank Offered Rate [LIBOR] plus 450 basis points. The ITAT, following the decision in the case of DCIT Vs. Hewlett Packard India Software Operations Private Limited [(2022)....
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....nominated in foreign currency, the rate of interest applicable to receivables denominated in such foreign currency would be appropriate benchmark, as it would also take into account the fluctuations in the exchange rate. 13. Undisputedly, LIBOR was at the relevant time, commonly adopted as the benchmark for determining the prevailing interest rate in the international banking system. The learne....