HSBC Electronic Data Processing India Private Limited , Hyderabad V. Asst. Commissioner of Income Tax, Circle-2(2), Hyderabad

MA 115/Hyd/2021

• Counselvise Citation: [2022] 104 COUNSELVISE.COM (IT) 5248 (ITAT-HYDERABAD)
• Duration Of Justice: 1 month(s) 25 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 07-02-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-B
• Assessment Year: 2014-2015
• Appeal Filed On: 13-12-2021
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: Y.V.S.T. SAI
• Keywords: Transfer pricing

Judgement Text

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 Processing India Private Limited, HYDERABAD [PAN: AAACH8235M] Vs Assistant Commissioner of Income Tax, Circle-2(2), HYDERABAD (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 O R D E R 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 MA No. 115/Hyd/2021 :- 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 MA No. 115/Hyd/2021 :- 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.