LIBOR rate to be taken as base for interest computation as invoice raised in foreign currency

Concur Technologies (India) Private Limited Vs ACIT (ITAT Bangalore)

ITAT Bangalore held that interest rate should be charged on the basis of prevailing LIBOR rate and no SBI PLR rate since invoices are raised in foreign currency. Accordingly, it is directed to TPO to apply LIBOR rate as basis for computation of interest.

Facts- The assessee, Concur Technologies (India) Private Limited, is engaged in the provision of services to its Associated Enterprises (AEs) of IT-enabled Services [ITes] with respect to travel request, travel bookings and claims of expens

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