Income Tax Appellate Tribunal - Bangalore
M/S Talisma Corporation Pvt Ltd , ... vs Deputy Commissioner Of Income Tax ... on 6 September, 2022
IN THE INCOME TAX APPELLATE TRIBUNAL
'B' BENCH : BANGALORE
BEFORE SHRI. CHANDRA POOJARI, ACCOUNTANT MEMBER
AND
SMT. BEENA PILLAI, JUDICIAL MEMBER
M.P. No. 49/Bang/2022
(in IT(TP)A No. 2499/Bang/2017)
Assessment Year : 2013-14
M/s. Talisma
Corporation Pvt. Ltd.,
3rd Floor, Olympia The Deputy
Building, Commissioner of
Bagmane Tech Park, Income Tax,
C V Raman Nagar, Circle 7 (1)(1),
Byrasandra Post, Vs. Bangalore.
Bangalore - 560 093.
PAN: AABCT1052F
APPELLANT RESPONDENT
Shri T. Suryanarayana,
Assessee by :
Senior Advocate
Shri K.R. Narayan, Addl.
Revenue by :
CIT DR
Date of Hearing : 15-07-2022
Date of Pronouncement : 06-09-2022
ORDER
PER BEENA PILLAI, JUDICIAL MEMBER
Present miscellaneous petition is filed by the assessee against order dated 21/03/2022 passed by this Tribunal seeking certain typographic mistakes.
2. The Ld.AR submitted that the only issue alleged before this Tribunal was in respect of charging of interest at 1.5% per month by applying CUP method as against LIBOR rate + 2% by the Ld.TPO. It was submitted that actually assessee has not agreed Page 2 of 3 M.P. No. 49/Bang/2022 (in IT(TP)A No. 2499/Bang/2017) with the interest on receivables to be a separate independent transaction however this Tribunal at page 13 of the impugned order has recorded the admission by the Ld.AR in respect of the same.
3. The Ld.AR referred to the submissions filed at the time of hearing wherein it was never admitted that interest on receivables to be a separate international transaction. The Ld.AR submitted that to this extent there is a mistake apparent on record.
The Ld.DR relied on the observations of this Tribunal. We have perused the submissions advanced by both sides in the light of records placed before us.
4. We note that it is no longer resintegra of the interest on receivables being a separate international transaction pursuant to the decision of Hon'ble Special Bench passed by Kolkata Tribunal in case of Instrumentation Corpn. Ltd. vs. Asstt. DIT(IT) reported in [2016] 71 taxmann.com 193. It is also noted from the submissions that assessee did not make any averment to that effect of admitting the interest on receivables to be separate international transaction.
5. In the light of the above observations, we exprenge the relevant observations in the impugned Tribunal order and modify the para at page 13 below the reproduction shall be henceforth read as under:
"The Ld. Counsel agreed for the interest on receivables to be computed at LIBOR rate + 2%. Accordingly, the Ld.CIT.DR placed Page 3 of 3 M.P. No. 49/Bang/2022 (in IT(TP)A No. 2499/Bang/2017) reliance on orders passed by authorities below."
In the result, the M.P. filed by assessee stands allowed. Order pronounced in the open court on 06th September, 2022.
Sd/- Sd/-
(CHANDRA POOJARI) (BEENA PILLAI)
Accountant Member Judicial Member
Bangalore,
Dated, the 06th September, 2022.
/MS /
Copy to:
1. Appellant 4. CIT(A)
2. Respondent 5. DR, ITAT, Bangalore
3. CIT 6. Guard file
By order
Assistant Registrar,
ITAT, Bangalore