9911796707
TMI Blog2024 (1) TMI 1304X X X X Extracts X X X X X X X X Extracts X X X X ..... in view of the submissions of the assessee that in a comparable case for the earlier year i.e. Asst. Year 2009-10, the Tribunal had deleted the similar addition made by the AO/TPO. This plea of the assessee was not taken into account by the Tribunal while rejecting the claim of transfer pricing adjustment in respect of guarantee fees in the present assessment year. This seems to be a mistake apparent from the impugned order, which requires to be recalled and re-adjudicated upon - Misc. Application of the assessee is allowed. - SMT. ANNAPURNA GUPTA, ACCOUNTANT MEMBER AND SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER For the Assessee : Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, ARs. For the Revenue : Shri Alok Kumar, CIT-DR ORDER P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder to the extent of reconsidering ground no. 4 in ITA No. 930/Ahd/2015. For brevity, we reproduce the contents of the MA as under: The Appellant begs to present this application for rectification of certain mistakes which are apparent from record in the order of the Hon'ble Tribunal, and which are discussed herein below; In the grounds of appeal filed before the Hon'ble Tribunal, the Applicant had raised the issue of adjustment of INR 52,91,667/- towards payment of guarantee fees to associated enterprise (AE). Copy of the Form 366 along with grounds of appeal is attached as Annexure 2. For ready reference the ground No. 4 raised before Hon'ble Tribunal reads as follows: 4. On the facts and in the circumstances of the case and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the character of two transactions, the comparable selected was not suitable and appropriate, and has been rightly rejected by the Revenue authorities, we hold. 2.5. The Hon'ble Tribunal erred in rejecting the CUP on the assumption that the loan from the AE was a long term borrowing, disregarding the submission made by the Appellant (DRP Application Page no. 42 of Volume II of the paper book) that the loan from the AE was a short term borrowing and not long term as presumed by the Ld. TPO. This is also evident from the Note No. 4 of the audited financial statements for AY 2010-11. A copy of the audited financial statements is submitted as part of the paper book filed before the Hon'ble Tribunal (Page No. 77 of Volume I of the paper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recalled to the extent of reconsidering ground no. 4 in ITA No. 930/Ahd/2015. On the other hand, the ld.DR supported the finding of the Tribunal on the issue, and urged not to disturb the findings of the Tribunal in the impugned appeal being ITA No. 930/Ahd/2015. 4. We heard both the parties, and gone through the impugned order of the Tribunal passed in ITA No. 930/Ahd/2015 dated 31.05.2023. We find merit in the contentions of the ld. Sr. counsel that the issue of adjustment of Rs. 52,91,667/- in relation to the international transaction of payment of guarantee fees to AE as raised in ground no. 4 require a re-consideration in view of the submissions of the assessee that in a comparable case for the earlier year i.e. Asst. Year 2009-10, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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