Interest on trade receivables u/s. 92B(1) determined by applying SBI short-term deposit rates

HM Clause India Private Limited Vs DCIT (ITAT Hyderabad) ITAT Hyderabad held that interest on trade receivables u/s. 92B(1) of the Income Tax Act could be determined by applying SBI short-term deposit rates. Facts- Assessee is a company engaged in the business of purchases and sale of vegetable seeds and research and development and settings. The case was selected for scrutiny and notice u/s. 143(2) of the Act was issued to the assesse. During the year under consideration, the assessee company had entered into international transactions within the meaning of Section 92CA of the Act. Thereafter...