KONY IT SERVICES PRIVATE LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-2(1), HYDERABAD
In the result, appeal of the assessee is allowed
ITA 2304/HYD/2018[2014-15]Status: DisposedITAT Hyderabad20 Nov 2019AY 2014-15
Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamonyassessment Year: 2014-15 M/S. Kony It Services Vs. Deputy Commissioner Of Private Limited, Income Tax, 9Th Floor, B-6, South Tower, Circle-2(1), Divyasree Orion, Sy. Room No.514, 5Th Floor, No.66/1, Raidurgam, Rr Signature Towers, Opp. Dist., Hyderbad – 500 032. Botanical Garden, Pan: Aaeck 9066 D Kondapur, Hyderabad-84. (Appellant) (Respondent) Assessee By: Sri H. Srinivasulu & Sri Kranthi Palivela Ca, Ars Revenue By: Sri Y.V.S.T. Sai, Cit-Dr Date Of Hearing: 26/08/2019 Date Of Pronouncement: 20/11/2019
For Appellant: Sri H. Srinivasulu & Sri KranthiFor Respondent: Sri Y.V.S.T. Sai, CIT-DR
Section 143(3)Section 92CSection 92C(3)
92C(3) of the Act and enhanced the profit by Rs. 5,74,14,856/-. The Ld. TPO further observed that the assessee company had not charged interest on trade receivables from its AE as per the agreement executed between the assessee-company and its AE since the realization period in the agreement was 90 days
