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TMI Blog2022 (5) TMI 819X X X X Extracts X X X X X X X X Extracts X X X X ..... - ITA No. 6029/DEL/2017 , ITA No. 6536/DEL/2017 , ITA No. 6537/DEL/2017 - - - Dated:- 4-4-2022 - SHRI N. K. BILLAIYA , ACCOUNTANT MEMBER AND SHRI YOGESH KUMAR U. S , JUDICIAL MEMBER Assessee By : Shri Rohit Jain, Adv Ms. Deepashree Rao, CA Department By : Shri M. Baranwal - DR ORDER PER N. K. BILLAIYA , ACCOUNTANT MEMBER : - The above three separate appeals by the Revenue are preferred against the order of the Commissioner of Income Tax [Appeals] - 38, New Delhi dated 14.06.2017 pertaining to Assessment Year 2011-12, Commissioner of Income Tax [Appeals] - 26, New Delhi dated 28.08.2017 pertaining to Assessment Year 2013-14 and Commissioner of Income Tax [Appeals] - 26, New Delhi dated 28.08.2017 pertaining to A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vanced loan to STL Inc., based at USA prior to A.Y. 2007 08. This means that no fresh loan was advanced during the year under consideration and we have to see the past assessment history of the assessee qua the benchmarking of interest on the sum advanced to the STL Inc. USA. 6. A perusal of the order of the ld. CIT(A) for the captioned Assessment Years shows that the ld. CIT(A) has followed the findings given in earlier assessment years. It would be pertinent to refer to the findings given in Assessment Year 2010 11 and the same read as under: 5.2 I have carefully considered the submissions of the appellant the order of the TPO for Assessment Year 2010-11 in the case of the appellant. It is seen that in the case of the appellant fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntical set of facts the adjustment is directed to be restricted accordingly to LIBOR plus 290 basis points as done by the assessee. The ground of appeal is disposed of in the above terms. 9. In Assessment Years 2008 09 and 2009 10, the quarrel travelled upto the Tribunal, and this Tribunal in ITA Nos. 2682 and 2683/DEL/2013, vide order dated 08.10.2021 has, inter-alia, held as under: 6.2 The Hon ble Delhi High Court in the case of Cotton Naturals I Pvt. Ltd. (supra) has thus held that transaction cost or hedging cost is to be born and paid by the borrower and not by the lender and thus no adjustment for markup of transaction cost, is required to be charged. In the case of Everest Kanto cylinder Limited (Supra) LIBOR rate has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate for benchmarking of the international transaction; however, appropriate markup for credit rating should be applied depending on credit rating of AE. The Assessing Officer in assessment year 2008-09 and 2009-10 has not given any justification for applying markup of 400 points for credit rating and, therefore, in the interest of justice, the issue in dispute is restored to the file of the Learned Assessing Officer for deciding limited issue of markup for credit rating over LIBOR rate of interest after taking into 9 ITA No 2682 2683/Del/2013 consideration criteria for credit rating during relevant period. The grounds of the appeal of the assessee for both the assessment years are accordingly allowed for statistical purposes. 7. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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