Action making arm’s length price ‘ALP’ adjustment challenged by the assessee

Last updated: 29 June 2021
Quick Summary
The Income Tax Appellate Tribunal has allowed an appeal by HSBC Electronic Data Processing India Private Limited, overturning an Arm's Length Price (ALP) adjustment of over Rs. 17 crore. The adjustment related to interest on receivables from overseas associated enterprises. The tribunal found that the adjustment was incorrectly calculated using State Bank of India's term deposit rates instead of the appropriate LIBOR rate for international transactions.

Court :
ITAT Hyderabad

Brief :
This assessee’s appeal for AY.2014-15 arises against the ACIT, Circle-2(2), Hyderabad’s assessment dated 29-10-2018 framed in furtherance to the Dispute Resolution Panel (‘DRP’)-

Citation :
I.T.A. No. 2388/HYD/2018

Daily Limit Reached

You have reached your daily limit of 2 Free Judgements

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?
  • No Ads
  • WhatsApp Broadcasts
  • Daily E-Newsletter
  • Unlimited Judgements Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits

Already a PRO member? Login here for an ad-free experience.

 

Guest
Published in Income Tax
Views : 152
Share Report Abuse
Comments


Recent Judgments :

  1. Forest Development Tax Demand, Collection and Refund Subject to Final Outcome of Pending Cases
  2. SC : Extended Limitation Cannot Be Invoked Where Department Was Aware of Valuation Facts
  3. SC : Selling Shares While in Possession of UPSI Constitutes Insider Trading Even if No Profit Is Made
  4. SC : Laser Imagers Compatible with Machines Under Different Tariff Headings Classifiable Under CTH 9033
  5. Education Consultancy Services to Foreign Universities Not Intermediary Services; Refund of IGST on Export of Services Allowed
  6. Penalty Cannot Be Confirmed Beyond What is Specified in Statutory Form GST DRC-01
  7. Non-Supply of Field Visit Report Vitiates Rejection of Revocation Application
  8. Alternative Remedy before GSTAT to be Exhausted Despite Allegation that Adjudication Travelled Beyond SCN
  9. ITAT Jodhpur: AO Allows ₹2.61 Crore Deduction under Sections 54EC and 54F; Assessee's Appeal Dismissed as Infructuous
  10. CESTAT Revokes Suspension of Customs Broker Licence for Non-Compliance with Mandatory 15-Day Hearing Requirement

View More Judgments »


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member Ravinder paruthiRavinder paruthiPro Member ATUL MAKWANAATUL MAKWANAPro Member adarsh chaturvediadarsh chaturvediPro Member Manoj SharmaManoj SharmaPro Member Chnmaya parhiChnmaya parhi
Subscribe to Pro
Join an elite circle of professionals

Browse by Category