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Income Tax Appellate Tribunal - Hyderabad

Hsbc Electronic Data Processing India ... vs Asst. Commissioner Of Income Tax, ... on 8 February, 2022

        IN THE INCOME TAX APPELLATE TRIBUNAL
         HYDERABAD BENCHES "B" : HYDERABAD
             (THROUGH VIDEO CONFERENCE)

       BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER
                         AND
     SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER

                     M.A. No.115/HYD/2021
                 (Arising out of ITA No.2388/Hyd/2018)
                    Assessment Year: 2014-15
     HSBC Electronic Data           Assistant Commissioner
     Processing India Private    Vs of Income Tax,
     Limited,                       Circle-2(2),
     HYDERABAD                      HYDERABAD
     [PAN: AAACH8235M]
             (Applicant)                     (Respondent)

             For Assessee    : Shri Rajan Vora, AR
             For Revenue     : Shri Y.V.S.T.Sai, CIT-DR

             Date of Hearing            :   28-01-2022
             Date of Pronouncement      :   08-02-2022

                             ORDER
PER S.S.GODARA, J.M. :

This assesseee's Miscellaneous Application filed u/s.254(2) of the Income Tax Act, 1961 [in short, 'the Act'] seeks to recall/rectify tribunal's order dt.18-06-2021 deleting the Arm's Length Price (ALP) adjustment of Rs.17,31,66,150/- pertaining to interest on outstanding receivables involving overseas Associated Enterprises 'AEs'.

Heard both the parties. Case file perused.

2. We notice at the outset with the able assistance coming from both the parties that the Assessing Officer's final assessment order in issue dt.29-10-2018 had taken the 'ALP' adjustment figure as Rs.50,94,62,048/- whereas we have :- 2 -:

incorporated the same as Rs.17,31,66,150/- only. That being the case, it is a clear cut instance wherein our order suffers from an apparent mistake on record to this limited extent.

We therefore direct that our foregoing 'ALP' figure would henceforth be read as Rs.50,94,62,048/- which stands deleted in the main order.

No other ground has been pressed or raised before us.

3. This assessee's Miscellaneous Application is allowed in above terms.

Order pronounced in the open court on 8 th February, 2022 Sd/- Sd/-

(LAXMI PRASAD SAHU) (S.S.GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER Hyderabad, Dated: 08-02-2022 TNMM :- 3 -:

Copy to :

1.HSBC Electronic Data Processing India Private Limited, Plot No.08, HSBC House, Survey No.64 (part), Madhapur, Hyderabad.

2.The Asst.Commissioner of Income Tax, Circle-2(2), Hyderabad.

3.Dispute Resolution Panel (DRP)-1, Bengaluru

4.Director of Income Tax (IT & TP), Hyderabad.

5.Addl. Commissioner of Income Tax (Transfer Pricing), Hyderabad.

6.D.R. ITAT, Hyderabad.

7. Guard File.