D.E. Shaw India Advisory Services Pvt. Ltd., New Delhi V. ADDL. CIT, SPECIAL RANGE- 3, New Delhi

ITA 5042/DEL/2018

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 6972 (ITAT-DELHI)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-07-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: I1
• Assessment Year: 2014-2015
• Appeal Filed On: 19-07-2018
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL DELHI DELHI DELHI DELHI BENCH BENCH BENCH BENCH I(1) I(1) I(1) I(1) : NEW DELHI : NEW DELHI : NEW DELHI : NEW DELHI BEFORE SHRI PRAMOD KUMAR BEFORE SHRI PRAMOD KUMAR BEFORE SHRI PRAMOD KUMAR BEFORE SHRI PRAMOD KUMAR, ,, , VICE PRESIDENT AND VICE PRESIDENT AND VICE PRESIDENT AND VICE PRESIDENT AND SHRI K. NARASIMHA CHARY SHRI K. NARASIMHA CHARY SHRI K. NARASIMHA CHARY SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER , JUDICIAL MEMBER , JUDICIAL MEMBER , JUDICIAL MEMBER ITA NO. ITA NO. ITA NO. ITA NO. 5042/DEL/2018 5042/DEL/2018 5042/DEL/2018 5042/DEL/2018 ASSESSMENT YEAR ASSESSMENT YEAR ASSESSMENT YEAR ASSESSMENT YEAR : : : : 2014 2014 2014 2014 - -- - 15 1515 15 M/S D.E. SHAW INDIA ADVISORY M/S D.E. SHAW INDIA ADVISORY M/S D.E. SHAW INDIA ADVISORY M/S D.E. SHAW INDIA ADVISORY SERVICES PRIVATE LI SERVICES PRIVATE LI SERVICES PRIVATE LI SERVICES PRIVATE LIMITED, MITED, MITED, MITED, E EE E- -- -20, 1 20, 1 20, 1 20, 1 ST STST ST & 2 & 2 & 2 & 2 ND NDND ND FLOOR, FLOOR, FLOOR, FLOOR, MAIN MARKET, MAIN MARKET, MAIN MARKET, MAIN MARKET, HAUZ KHAS, HAUZ KHAS, HAUZ KHAS, HAUZ KHAS, NEW DELHI NEW DELHI NEW DELHI NEW DELHI 110 016. 110 016. 110 016. 110 016. PAN : AABCE6097P. PAN : AABCE6097P. PAN : AABCE6097P. PAN : AABCE6097P. VS. VS. VS. VS. ADDITIONAL COMMISSIONER OF ADDITIONAL COMMISSIONER OF ADDITIONAL COMMISSIONER OF ADDITIONAL COMMISSIONER OF INCOME TAX, INCOME TAX, INCOME TAX, INCOME TAX, SPECIAL RANGE SPECIAL RANGE SPECIAL RANGE SPECIAL RANGE- -- -3, 3,3, 3, NEW DELHI. NEW DELHI. NEW DELHI. NEW DELHI. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI HIMANSHU S. SINHA, SHRI BHUWAN DHOOPAR AND MS. VRINDA TULSHAN, ADVOCATES. RESPONDENT BY : SHRI SANDEEP KUMAR MISHRA, SENIOR DR. DATE OF HEARING : 23.07.2019 23.07.2019 23.07.2019 23.07.2019 DATE OF PRONOUNCEMENT : 31.07.2019 31.07.2019 31.07.2019 31.07.2019 ORDER ORDER ORDER ORDER PER PRAMOD KUMAR PER PRAMOD KUMAR PER PRAMOD KUMAR PER PRAMOD KUMAR, , , , VP VPVP VP : :: : THIS APPEAL, FILED BY THE ASSESSEE, IS DIRECTED AG AINST THE ORDER DATED 14 TH MAY, 2018 PASSED BY THE ASSESSING OFFICER UNDER SE CTION 143(3) READ WITH SECTION 144C(5) FOR THE ASSESSMENT YEAR 2014-15. 2. GRIEVANCES RAISED IN THE APPEAL ARE AS FOLLOWS : - 1. THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD.AO HAS ERRED IN ASSESSING THE TOTAL INCOME OF THE APPELLANT FOR THE RELEVANT AY AT RS.5,13,54,020 /- AS AGAINST THE RETURNED INCOME OF RS.4,92,68,360/-. ITA-5042/DEL/2018 2 2. THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE HONBLE DISPUTE RESOLUTION PANEL (DRP)/LD.AO/LD. TRANSFER PRICING OFFICER (TPO) ERRED IN MAKING A TRANSFER PRICING ADJUSTMENT OF RS.20,85,66 2/- IN RESPECT OF THE INTERNATIONAL TRANSACTIONS ALLEGING THE SAME TO BE NOT AT ARMS LENGTH. 3. THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE HONBLE DRP/LD.AO/LD.TPO HAVE ERRED IN HOLDING INTER-COMPANY RECEIVABLES ARISING FROM THE INTERNAT IONAL TRANSACTIONS UNDERTAKEN BY THE APPELLANT TO CONSTIT UTE A SEPARATE INTERNATIONAL TRANSACTION AND PROCEEDING T O BENCHMARK THE NOTIONAL INTEREST ON THE SAME BY APPLICATION OF COMPARABLE UNCONTROLLED PRICE (CUP ) METHOD TO MAKE AN ADJUSTMENT OF INR 20,85,662 TO TH E TOTAL INCOME OF THE APPELLANT. 4. THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE HONBLE DRP/LD.AO/LD.TPO HAVE ERRED IN NOT APPRECIATING THAT THE APPELLANT HAS ALREADY UNDERTA KEN WORKING CAPITAL ADJUSTMENT IN RESPECT OF INTERNATIO NAL TRANSACTION PERTAINING TO PROVISION OF INVESTMENT A DVISORY SERVICES TO ACCOUNT FOR DIFFERENCE IN WORKING CAPIT AL INTENSITIES OF COMPARABLE COMPANIES VIS-A-VIS THE A PPELLANT IN THE TP DOCUMENTATION ITSELF WHICH INEVITABLY CON SIDERS THE IMPACT OF RECEIVABLES AND PAYABLES ARISING FROM INTERNATIONAL TRANSACTIONS. 5. THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE HONBLE DRP/LD.AO/LD.TPO HAVE ERRED, IN MAKING INAPPROPRIATE ASSUMPTION OF A SPECIFIC PERIO D FOR REALISATION OF PAYMENT FROM AES. 6. THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE HONBLE DRP/LD.AO/LD.TPO HAVE ERRED IN MAKING ADJUSTMENT ON ACCOUNT OF INTEREST ON GROSS RECEIVAB LES INSTEAD OF NET RECEIVABLES. 7. THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE HONBLE DRP/LD.AO/LD.TPO HAVE ERRED IN IMPOSING INTEREST ON AD HOC BASIS BY CONSIDERING SI X MONTHS LIBOR + 400BPS. 8. THAT THE HONBLE DRP/LD.AO/LD.TPO HAVE ERRED IN NOT FOLLOWING THE DECISION OF JURISDICTIONAL HIGH COURT IN THE CASE OF KUSUM HEALTH CARE PRIVATE LIMITED (ITA 765/ 2016) ITA-5042/DEL/2018 3 AS WELL AS HONBLE ITATS DECISION IN APPELLANTS O WN CASE FOR AY 2010-11 TO AY 2012-13. 3. LEARNED REPRESENTATIVES FAIRLY AGREE THAT THE IS SUES IN APPEAL ARE COVERED, IN FAVOUR OF THE ASSESSEE, BY COORDINATE B ENCH DECISIONS, IN ASSESSEES OWN CASES FOR THE ASSESSMENT YEARS 2010- 11, 2011-12, 2012-13 AND 2013-14. IN THE ORDER DATED 18 TH JANUARY, 2018, THE COORDINATE BENCH HAS, INTER ALIA, OBSERVED AS FOLLO WS :- 9. WE HAVE HEARD THE RIVAL SUBMISSION AND PERUSED THE RELEVANT MATERIAL ON RECORD. THE LD. COUNSEL HAS SU BMITTED THAT ADJUSTMENT ON ACCOUNT OF RECEIVABLES IS SUBSUM ED IN THE WORKING CAPITAL ADJUSTMENT MADE BY THE LD. TPO AND, THEREFORE, NO SEPARATE ADJUSTMENT IS REQUIRED ON AC COUNT OF RECEIVABLES FOLLOWING THE DECISION OF THE TRIBUN AL DATED 04/09/2017 IN PRECEDING YEARS IN ITA NO. 1681/DEL/2 015, 1018/DEL/2016 AND 75/DEL/2017. THE TRIBUNAL (SUPRA) DECIDED THE ISSUE AS UNDER: 10.9 THE NEXT ISSUE BEFORE IS THE ISSUE OF ADJUSTM ENT ON ACCOUNT OF INTEREST ON OUTSTANDING RECEIVABLES. THI S ISSUE IS ALSO COMMON IN ALL THE THREE ASSESSMENT YEARS. I T HAS BEEN THE SUBMISSION OF THE ASSESSEE THAT THE OUTSTA NDING REVENUE IS NOT A SEPARATE INTERNATIONAL TRANSACTION AND THAT THE OUTSTANDING RECEIVABLES CANNOT BE RE- CHARACTERISED AS A LOAN. IT HAS ALSO BEEN SUBMITTED THAT TP ADJUSTMENT CANNOT BE MADE ON A HYPOTHETICAL AND NOT IONAL BASIS UNLESS AND UNTIL THERE IS SOME MATERIAL ON RE CORD THAT THERE HAS BEEN UNDERCHARGING OF REAL INCOME. IT IS UNDISPUTED THAT THE ASSESSEE HAS BEEN FOLLOWING A CONSISTENT POLICY WITH RESPECT TO THE RECEIVABLES A ND PAYABLES FROM/TO THE AES. IT IS ALSO SEEN THAT WHIL E MAKING THE ADJUSTMENT, TPO HAS NOT CALCULATED THE NOTIONAL INTEREST BY CONSIDERING THE AVERAGE TIME TAKEN BY T HE AE FOR MAKING THE PAYMENT TO THE ASSESSEE. HONBLE DEL HI HIGH COURT IN THE CASE OF PRINCIPAL COMMISSIONER OF INCOME TAX VS KUSUM HEALTH CARE PVT. LTD. IN I.T.A. NO. 76 5/2016 VIDE JUDGMENT DATED 25TH APRIL, 2017 HAS LAID DOWN IN PARAS 10, 11 AND 12 AS UNDER:- 10. THE COURT IS UNABLE TO AGREE WITH THE ABOVE SUBMISSIONS. THE INCLUSION IN THE EXPLANATION TO SE CTION ITA-5042/DEL/2018 4 92B OF THE ACT OF THE EXPRESSION RECEIVABLES DOES NOT MEAN THAT DE HORS THE CONTEXT EVERY ITEM OF RECEIV ABLES APPEARING IN THE ACCOUNTS OF AN ENTITY, WHICH MAY H AVE DEALINGS WITH FOREIGN AES WOULD AUTOMATICALLY BE CHARACTERIZED AS AN INTERNATIONAL TRANSACTION. THER E MAY BE A DELAY IN COLLECTION OF MONIES FOR SUPPLIES MAD E, EVEN BEYOND THE AGREED LIMIT, DUE TO A VARIETY OF FACTOR S WHICH WILL HAVE TO BE INVESTIGATED ON A CASE TO CASE BASI S. IMPORTANTLY, THE IMPACT THIS WOULD HAVE ON THE WORK ING CAPITAL OF THE ASSESSEE WILL HAVE TO BE STUDIED. IN OTHER WORDS, THERE HAS TO BE A PROPER INQUIRY BY THE TPO BY ANALYSING THE STATISTICS OVER A PERIOD OF TIME TO D ISCERN A PATTERN WHICH WOULD INDICATE THAT VIS-A-VIS THE REC EIVABLES FOR THE SUPPLIES MADE TO AN AE, THE ARRANGEMENT REF LECTS AN INTERNATIONAL TRANSACTION INTENDED TO BENEFIT TH E AE IN SOME WAY. 11. THE COURT FINDS THAT THE ENTIRE FOCUS OF THE AO WAS ON JUST ONE AY AND THE FIGURE OF RECEIVABLES IN RELATI ON TO THAT AY CAN HARDLY REFLECT A PATTERN THAT WOULD JUSTIFY A TPO CONCLUDING THAT THE FIGURE OF RECEIVABLES BEYOND 18 0 DAYS CONSTITUTES AN INTERNATIONAL TRANSACTION BY ITSELF. WITH THE ASSESSEE HAVING ALREADY FACTORED IN THE IMPACT OF T HE RECEIVABLES ON THE WORKING CAPITAL AND THEREBY ON I TS PRICING/PROFITABILITY VIS-A-VIS THAT OF ITS COMPARA BLES, ANY FURTHER ADJUSTMENT ONLY ON THE BASIS OF THE OUTSTAN DING RECEIVABLES WOULD HAVE DISTORTED THE PICTURE AND RE - CHARACTERIZED THE ITA NO. 1681/DEL/2015, 1018/D/201 6, 75/D/2017 ASSESSMENT YEAR: 2010-11, 11-12, 12-13 70 TRANSACTION. THIS WAS CLEARLY IMPERMISSIBLE IN LAW AS EXPLAINED BY THIS COURT IN CIT V. EKL APPLIANCES LT D. (2012) 345ITR 241 (DELHI). 12. CONSEQUENTLY, THE COURT IS UNABLE TO FIND ANY E RROR IN THE IMPUGNED ORDER OF THE ITAT GIVING RISE TO ANY SUBSTANTIAL QUESTION OF LAW FOR DETERMINATION. THE APPEAL IS, ACCORDINGLY, DISMISSED. 10.10 IT IS SEEN THAT THE TPO HAS CONSIDERED A PERI OD OF 30 DAYS TO BE NORMAL FOR THE REALIZATION OF RECEIVABLE S AND HAS CALCULATED NOTIONAL INTEREST ON PERIOD/NUMBER OF DA YS EXCEEDING 30 DAYS WHILE MAKING THE UPWARD ADJUSTMEN T, HOWEVER, AS THE HON'BLE DELHI HIGH COURT HAS HELD I N KUSUM HEALTH CARE PVT. LTD. (SUPRA) THAT THERE MIGH T BE A DELAY IN CALCULATION OF MONEY EVEN BEYOND THE AGREE D LIMIT DUE TO A VARIETY OF FACTORS WHICH HAVE TO BE INVEST IGATED ON A CASE TO CASE BASIS. THE HON'BLE HIGH COURT HAS AL SO ITA-5042/DEL/2018 5 OBSERVED THAT THE IMPACT ON THE WORKING CAPITAL OF ASSESSEE WILL ALSO HAVE TO BE STUDIED. HON'BLE HIGH COURT WENT ON TO CONCLUDE THAT THERE HAS TO BE A PROPER I NQUIRY BY THE TPO BY ANALYZING THE STATISTICS OVER A PERIO D OF TIME TO DISCERN A PATTERN WHICH WOULD INDICATE THAT VIS- -VIS RECEIVABLES FOR THE SUPPLIES MADE TO AE, THE ARRANG EMENT REFLECTED INTERNATIONAL TRANSACTION INTENDED TO BEN EFIT THE AE IN SOME WAY. HON'BLE HIGH COURT HAS ALSO OBSERVE D THAT IF THE ENTIRE FOCUS OF THE ITA NO. 1681/DEL/2015, 1018/D/2016, 75/D/2017 ASSESSMENT YEAR: 2010-11, 11 -12, 12-13 71 ASSESSING OFFICER IS ONLY OF ONE ASSESSMEN T YEAR, THE FIGURE OF RECEIVABLES IN RELATION TO THAT AY CO ULD HARDLY REFLECT A PATTERN THAT WOULD JUSTIFY THE TPO TO REA CH A CONCLUSION THAT THE FIGURE OF RECEIVABLES BEYOND PR ESCRIBED NUMBER OF DAYS CONSTITUTED AN INTERNATIONAL TRANSAC TION BY ITSELF. IN THE PRESENT APPEALS BEFORE US, NO SUCH I N-DEPTH ANALYSIS OF THE RECEIVABLES HAS BEEN MADE BY THE TP O. ACCORDINGLY, WE DEEM IT APPROPRIATE TO RESTORE THE ISSUE OF INTEREST ON RECEIVABLES IN ALL THE THREE YEARS TO T HE FILE OF ASSESSING OFFICER/TPO FOR RECALCULATING THE INTERES T ON RECEIVABLES IN CONFORMITY WITH THE RATIO OF JUDGMEN T OF THE HON'BLE DELHI HIGH COURT IN THE CASE OF KUSUM HEALT H CARE PVT. LTD. (SUPRA). THE ASSESSEE WILL BE GIVEN DUE OPPORTUNITY BY THE ASSESSING OFFICER/TPO BEFORE SUC H AN ADJUSTMENT IS RECALCULATED. THIS GROUND STANDS ALLO WED FOR STATISTICAL PURPOSES IN ALL THREE ASSESSMENT YEARS. 10. WE NOTE THAT IN THE PRECEDING YEARS DECIDED BY THE TRIBUNAL (SUPRA) NORMAL CREDIT PERIOD OF 30 DAYS WA S ALLOWED BY THE LD. TPO FOR REALIZATION OF THE RECEI VABLES AND CALCULATED THE INTEREST ON PERIOD EXCEEDING 30 DAYS WHILE MAKING THE ADJUSTMENT FOR INTEREST. IN THE IN STANT CASE THE LD. TPO HAS ALLOWED CREDIT PERIOD OF 60 DA YS FOR COMPUTING INTEREST ON OUTSTANDING RECEIVABLES (DEBT ORS). IN THE INSTANT CASE, THE LD. TPO HAS ALSO ALLOWED WORK ING CAPITAL ADJUSTMENT AND DID NOT PROPOSE ANY ADJUSTME NT IN THE INTERNATIONAL TRANSACTIONS CARRIED OUT BY THE A SSESSEE. 11. THE HONBLE HIGH COURT IN THE CASE OF KUSUM HEALTHCARE PRIVATE LIMITED (SUPRA) HAS OBSERVED THA T THE IMPACT OF WORKING CAPITAL OF THE ASSESSEE WOULD ALS O HAVE TO BE STUDIED. WE FIND THAT THE TRIBUNAL (SUPRA) HA S FURTHER NOTED THE FINDING OF THE HONBLE HIGH COURT THAT TH ERE HAS TO BE A PROPER INQUIRY BY THE LEARNED TPO BY ANALYZ ING THE STATISTICS OVER A PERIOD OF TIME TO DISCERN A PATTE RN WHICH WOULD INDICATE THAT VIZ-A-VIZ RECEIVABLES FURTHER S UPPLIES MADE TO THE AE, THE ARRANGEMENT REFLECTED INTERNATI ONAL ITA-5042/DEL/2018 6 TRANSACTION INTENDED TO BENEFIT THE AE IN SOME WAY. THE TRIBUNAL (SUPRA) HAS RESTORED THE MATTER TO THE FIL E OF THE LD. ASSESSING OFFICER/TPO FOR A CALCULATING THE INT EREST ON RECEIVABLES IN CONFORMITY WITH THE RATIO OF THE JUD GMENT OF THE HONBLE DELHI HIGH COURT IN THE CASE OF KUSUM HEALTHCARE PRIVATE LIMITED (SUPRA). THOUGH IN THE I NSTANT ASSESSMENT YEAR, THE WORKING CAPITAL ADJUSTMENT HAS ALREADY BEEN ALLOWED TO THE ASSESSEE, BUT IN THE OR DER OF THE LD. TPO, IT IS NOT CLEAR AT WHAT POINT OF TIME THE RECEIVABLES, INVENTORY AND PAYABLES ARE COMPARED FO R COMPUTING WORKING CAPITAL ADJUSTMENT. THEIR LEVEL S HOULD BE COMPARED ON AVERAGE THROUGHOUT THE YEAR. FURTHER , IT IS ALSO NOT EVIDENT FROM THE ORDER OF THE LD. TPO WHAT APPROPRIATE INTEREST RATE HAS BEEN USED FOR COMPUTI NG WORKING CAPITAL ADJUSTMENT. 12. IN VIEW OF ABOVE FACTS, WE FEEL IT APPROPRIATE TO RESTORE THE ISSUE TO THE MATTER OF THE LD. ASSESSIN G OFFICER/TPO FOR ANALYSING THE WORKING CAPITAL ADJUS TMENT GIVEN BY THE LD. TPO AND DECIDE THE ISSUE IN THE LI GHT OF THE DIRECTION GIVEN BY THE TRIBUNAL IN ORDER DATED 04/09/2017 IN ITA NOS. 1681/DEL/2015, 1018/DEL/2016 AND 70/DEL/2017. THE ASSESSEE SHALL BE AFFORDED ADEQUAT E OPPORTUNITY OF BEING HEARD. 4. RESPECTFULLY FOLLOWING THE ESTEEMED VIEWS OF THE COORDINATE BENCH, WE REMIT THE MATTER TO THE FILE OF THE ASSES SING OFFICER FOR FRESH ADJUDICATION IN THE LIGHT OF ABOVE OBSERVATIONS WHI CH WILL APPLY MUTATIS MUTANDIS THIS YEAR IN THE PRESENT YEAR AS WELL. OR DERED, ACCORDINGLY. 5. IN THE RESULT, APPEAL IS ALLOWED FOR STATISTICAL PURPOSES IN THE TERMS INDICATED ABOVE. DECISION PRONOUNCED IN THE OPEN COURT ON 31 ST JULY, 2019. SD/- SD/- ( (( ( K. NARASIMHA C K. NARASIMHA C K. NARASIMHA C K. NARASIMHA C HARY HARY HARY HARY ) )) ) (PRAMOD KUMAR (PRAMOD KUMAR (PRAMOD KUMAR (PRAMOD KUMAR ) )) ) JUDICIAL JUDICIAL JUDICIAL JUDICIAL MEMBER MEMBER MEMBER MEMBER VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VK. ITA-5042/DEL/2018 7 COPY FORWARDED TO: - 1. APPELLANT : M/S D.E. SHAW INDIA ADVISORY SERVI CES M/S D.E. SHAW INDIA ADVISORY SERVICES M/S D.E. SHAW INDIA ADVISORY SERVICES M/S D.E. SHAW INDIA ADVISORY SERVICES PRIVATE LIMITED, E PRIVATE LIMITED, E PRIVATE LIMITED, E PRIVATE LIMITED, E- -- -20, 1 20, 1 20, 1 20, 1 ST STST ST & 2 & 2 & 2 & 2 ND NDND ND FLOOR, FLOOR, FLOOR, FLOOR, MAIN MARKET, HAUZ KHAS, NEW DELHI MAIN MARKET, HAUZ KHAS, NEW DELHI MAIN MARKET, HAUZ KHAS, NEW DELHI MAIN MARKET, HAUZ KHAS, NEW DELHI 110 016. 110 016. 110 016. 110 016. 2. RESPONDENT : ADDITIONAL ADDITIONAL ADDITIONAL ADDITIONAL COMMISSIONER OF INCOME TAX, COMMISSIONER OF INCOME TAX, COMMISSIONER OF INCOME TAX, COMMISSIONER OF INCOME TAX, SPECIAL RANGE SPECIAL RANGE SPECIAL RANGE SPECIAL RANGE- -- -3, NEW DELHI. 3, NEW DELHI. 3, NEW DELHI. 3, NEW DELHI. 3. CIT 4. CIT(A) 5. DR, ITAT ASSISTANT REGISTRAR