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TMI Blog2020 (1) TMI 1145X X X X Extracts X X X X X X X X Extracts X X X X ..... h consideration, we are of the opinion that the proposed questions of law does not arise out of the impugned order of the Tribunal. - INCOME TAX APPEAL (IT) NO.1144 OF 2017 - - - Dated:- 20-1-2020 - UJJAL BHUYAN MILIND N. JADHAV, JJ. Mr. Suresh Kumar with Mr. Sham Walve, Advocate for the Appellant. Mr. P.J. Pardiwalla with Mr. Niraj Sheth i/by Mr. A.K. Jasani, Advocate for the Respondent. P.C.:- 1. Heard Mr.Suresh Kumar, learned standing counsel, Revenue for the appellant and Mr.P.J.Pardiwalla, learned senior counsel for the respondent/assessee. 2. This appeal has been preferred by the Revenue under Section 260A of the Income Tax Act, 1961 (briefly the Act hereinafter) assailing the legality and correctness ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as made to the income of the assessee. 6. On appeal before the first appellate authority, Commissioner of Income Tax (Appeals) by his order dated 14th March, 2012 upheld the findings of the Assessing Officer and dismissed the appeal. 7. Assessee thereafter preferred further appeal before the Tribunal. Tribunal by the impugned order dated 24th June, 2016 remanded the matter back to the file of the Assessing Officer to decide the issue afresh by considering the decisions relied upon by the Tribunal for allocation of non-syndication fee between the assessee and associated enterprise after giving opportunity of being heard to the assessee. 8. While passing the said order, Tribunal relied upon a decision of the Coordinated Bench of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case only the fee charged by the foreign branches can be taken into consideration for making adjustment under transfer pricing provisions. Accordingly, we direct the AO/TPO to make adjustment in respect of the services performed by the assessee for foreign currency loan arranged for its existing clients by taking into account only the fee and other charges received by the foreign branches from the borrowers in question. Since none of the parties have come out with the suitable comparables, therefore, we find that the estimation made by the CIT(A) at the rate of 20% is just and proper, however, the same would be only in respect of the fee and charges other than interest received by the foreign branches. Thus, these grounds of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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