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2023 (9) TMI 1466 - ITAT MUMBAITP addition on account of corporate guarantee - HELD THAT:- As per the same issue in the earlier Assessment Years in [2023 (5) TMI 1324 - ITAT MUMBAI] we are inclined to sustain the corporate guarantee of 0.60% proposed to be charged by the bank of the assessee as the ALP rate for all the corporate guarantees given by the assessee including the corporate guarantee given to SAE Tower Holding LLC, considering the fact that the corporate guarantee given in A.Y. 2011-12 may not be proper since the assessee has not brought on record any material on the subsequent corporate guarantee awarded to SAE Tower Holding LLC , in our considered view the same rate of 0.60% may be sustained for all the corporate guarantee given by the assessee under consideration. Accordingly, ground raised by the assessee is partly allowed. Addition to income based on service Tax Return - AO observed that assessee has reported higher turnover in service tax return as compared to ITR and AO has considered the turnover reported as per service tax return - HELD THAT:- As per the prudent method of accounting, assessee has to declare the revenue in its Books of Accounts only to the extent of services provided not the total amount received by the assessee for which there may be certain services to be provided. In this case assessee has recorded as revenue for the value of actual services provided and as per the information submitted before us from the Form ST-3 the assessee has received an amount of ₹.36,72,24,482/- as advances. Similarly, Form ST-3 an amount of ₹.6,70,38,441/-. From the above two service tax return, it clearly shows that these payments were received by the assessee only as advances. Therefore, the above said amount cannot be treated as revenue for the current Assessment Year. We observe that Ld.CIT(A) has considered the issue in a different dimension wherein he has gone with the notion of Percentage of completion of the project, without considering the fact that assessee has to declare the revenue to the extent of services provided by it but not for the services which is pending to be performed. Therefore, we are not inclined to accept the findings of the Ld.CIT(A). Accordingly, ground raised by the assessee is accordingly, allowed. Power with appellate authorities to entertain the fresh claim for deduction - HELD THAT:- As held in the case of Goetze (India) Ltd. [2006 (3) TMI 75 - SUPREME COURT] appellate authorities can entertain the fresh claim for deduction otherwise than by revised return of income - we are inclined to remit these issues back to the file of Assessing Officer with a direction to verify the records submitted by the assessee on merit and as per law. It is needless to say that assessee may be given a proper opportunity of being heard. Accordingly, the issues under consideration are remitted back to the file of Assessing Officer for statistical purpose.
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