Nektar Therapeutics India Private Limited, Hyderabad V. DCIT Circle-5(1), Hyderbad

MA 13/Hyd/2022

• Counselvise Citation: [2022] 104 COUNSELVISE.COM (IT) 5052 (ITAT-HYDERABAD)
• Duration Of Justice: 21 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 07-03-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-B
• Assessment Year: 2016-2017
• Appeal Filed On: 16-02-2022
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD ‘ B ’ BENCH, HYDERABAD. BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND SHRI L. P. SAHU, ACCOUNTANT MEMBER (Through Virtual Hearing) M.A. No.13/Hyd/2022 (In ITA No.203/Hyd/2021) (Assessment Year : 2016-17) M/s. Nektar Therapeutics India Pvt. Ltd., Hyderabad. PAN AACCN1489R .....Appellant. Vs. Dy. Commissioner of Income Tax, Circle 5(1), Hyderabad. .....Respondent. Appellant By : Shri Suyash Sinha, Adv. Respondent By : Shri YVST Sai. (D.R.) Date of Hearing : 04.03.2022. Date of Pronouncement : 08.03.2022. O R D E R Per Shri S.S. Godara, J.M. : This assessee’s miscellaneous application filed u/s. 254(2) of the Income Tax Act, 1961 ('the Act') seeks to rectify our order dt.16.12.2021 deleting arm’s length price (ALP) adjustment pertaining to interest on outstanding receivables. 2 MA No.13/Hyd/2022 Heard both sides. Case file perused. 2. We note at the outset with the able assistance of both the parties that our impugned order has wrongly incorporated the interest receivable amount as Rs.27,63,667 than the correct amount of Rs.79,85,631 in light of Assessing Officer’s final computation (page 4 of assessment order dt.30.03.2021). Learned departmental representative could hardly rebut this clinching aspect. We therefore hold that foregoing ALP figure shall henceforth stood modified as Rs.79,85,631 which stands deleted in our earlier order. No other ground has been raised before us. 3. The assessee's instant Miscellaneous Application is allowed in above terms. Order pronounced in the open court on 8th Mar., 2022. Sd/- Sd/- (L.P. SAHU) (S.S. GODARA) Accountant Member Judicial Member Hyderabad, Dt. 08.03.2022. * Reddy gp 3 MA No.13/Hyd/2022 Copy to : 1. M/s. Nektar Therapeutics India Pvt. Ltd., Sy. No.101/02, Genome Valley, Lalgadi Malakpet, Shameerpet, Hyderabad- 500078 2. DCIT, Circle 5(1), Hyderabad. 3. Pr. C I T Hyderabad. 4. DRP-1, Hyderabad. 5. DR, ITAT, Hyderabad. 6. Guard File. By Order Sr. Pvt. Secretary, ITAT, Hyderabad.