Infineon Technologies India Private Limited, Bangalore V. Deputy Commissioner Of Income Tax, Circle-3(1)(1), Bangalore

MA 43/BANG/2024

• Counselvise Citation: [2024] 101 COUNSELVISE.COM (IT) 4887 (ITAT-BANGALORE)
• Duration Of Justice: 16 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 15-08-2024
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 15-08-2024
• Assessment Year: 2018-2019
• Appeal Filed On: 30-07-2024
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PARITHIVEL V.
• Section: 20

Judgement Text

MP No.43/Bang/2024 Infineon Technologies India Pvt. Ltd., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI SOUNDARARAJAN K., JUDICIAL MEMBER MP No.43/Bang/2024 (Arising out of IT(TP)A No.913/Bang/2022 Assessment Year: 2018-19 Infineon Technologies India Pvt. Ltd. 11, 9 th Floor, Prestige Thirulakshmi M.G. Road Bangalore 560 001 Karnataka PAN NO : AABCS6967N Vs. DCIT Circle-3(1)(1) Bangalore APPELLANT RESPONDENT Appellant by : Shri Nageshwar Rao, A.R. Respondent by : Shri Parithivel V., D.R. Date of Hearing : 16.08.2024 Date of Pronouncement : 16.08.2024 O R D E R PER CHANDRA POOJARI, ACCOUNTANT MEMBER: The present miscellaneous petition filed by the assessee arises out of order dated 10.1.2024 passed by this Tribunal in the above referred appeal. 2. The ld. A.R. submitted that while passing the impugned order, additional ground Nos.1 & 2 were inadvertently missed out to adjudicate. Referring to para 20 of the impugned order, the ld. A.R. has submitted that this Tribunal has considered ground No.8 along with additional ground Nos.1 & 2. However, while recording the findings, this Tribunal has not given any direction in respect of additional ground Nos.1 & 2. 3. On perusal of the records, we find that the submissions of the assessee in para 12 to 15 of the miscellaneous petition is correct. MP No.43/Bang/2024 Infineon Technologies India Pvt. Ltd., Bangalore Page 2 of 3 3.1. We are thus, considering the additional ground Nos.1 & 2 by observing as under: 3.2 The following para shall be read as para 21.2 in continuous in the impugned order: “21.2 It is noted that this Tribunal in case of Huwai Technologies India Pvt. Ltd. (supra) has considered an identical issue and has relied on the decision of Hon’ble Delhi Tribunal in case of Orange Business Services India Solutions Pvt. Ltd. Vs. DCIT (supra), wherein the contentions raised by the assessee in additional ground Nos.1 & 2 has been addressed. The ld. A.R. however, relied on the decision of coordinate bench of this Tribunal in case of Altisource Business Solutions Pvt. Ltd. in IT (TP)A No.898/Bang/2022 dated 20.2.2024 for the AY 2018-19 (para 12) and decision of Hon’ble Rajasthan High Court in case of CIT Vs. Vaibhav Gems Ltd. reported in (2017) 88 taxmann.com 12 (para 3.1 to 3.4) in support of his contentions. We thus, direct that while computing the credit period, the ld. AO/TPO shall take a credit of 30 days beyond which interest on the receivables shall be calculated by using LIBOR+300 basis points. Further, it is also noted that as the assessee has followed TNMM as the most appropriate method in that event, if the working capital adjustment subsumes the sundry creditors, there cannot be a double taxation in respect of such sundry creditors. Accordingly, the ld. AO/TPO is directed to compute the interest on outstanding receivables as directed herein above following the principles laid down by the decisions referred to herein above.” 3.3 After above correction, there would be no change in the final result of the assessee’s appeal. MP No.43/Bang/2024 Infineon Technologies India Pvt. Ltd., Bangalore Page 3 of 3 4. In the result, miscellaneous petition filed by the assessee is allowed. Order pronounced in the open court on 16 th Aug, 2024 Sd/- (Soundararajan K.) Accountant Member Sd/- (Chandra Poojari) Accountant Member Bangalore, Dated 16 th Aug, 2024. VG/SPS Copy to: 1. The Applicant 2. The Respondent 3. The CIT 4. The DR, ITAT, Bangalore. 5 Guard file By order Asst. Registrar, ITAT, Bangalore.