9911796707
TMI Blog2024 (12) TMI 644X X X X Extracts X X X X X X X X Extracts X X X X ..... ary adjustment was in respect of actual amount paid to Standard Charter Bank for bank guarantee of Rs. 5,78,720/-. Standard Charter SLBC charge per year of 1.2% has been adjusted by the Assessee for the shorter period of nine months to 0.94%. A.O. was of the opinion that the average corporate guarantee rate at Arm s Length Price at 2.22%, thus, the difference between the actual bank guarantee cost written back at the rate of 1.2% at Rs. 5,78,720/- and computed the amount at 2.22% of Rs. 10,27,804/-, accordingly made addition of Rs. 4,49,084/-. Considering the fact that the Assessee has made voluntary adjustment of 0.94% which is claimed be made based on the actual cost incurred by the Assessee, without going into the issue raised in Ground ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the rate, without giving valid reasons for rejecting assessee s stand. 4. The appellant craves leave to add, alter, modify, vary or delete any ground of appeal before or during the appellate proceedings. 3. Brief facts of the case are that, the Assessee filed return of income of Rs. 12,90,45,370/-. The case of the Assessee was selected for scrutiny. In view of international transaction with AE a reference was made to TPO u/s 92CA(1) of the Income Tax Act, 1961 ( Act for short). The TPO passed order u/s 92CA(3) of the Act on 04/11/2019 by proposing adjustment of Rs. 4,49,084/- in respect of corporate guarantee given on behalf of the AE. Accordingly, the assessment was finalized at total income of Rs. 12,94,94,454/- vide order dated 26/02/202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ength Price at 2.22%, thus, the difference between the actual bank guarantee cost written back at the rate of 1.2% at Rs. 5,78,720/- and computed the amount at 2.22% of Rs. 10,27,804/-, accordingly made addition of Rs. 4,49,084/-. 7. Considering the fact that the Assessee has made voluntary adjustment of 0.94% which is claimed be made based on the actual cost incurred by the Assessee, without going into the issue raised in Ground No. 1 and 3, considering the smallness of the amount, with an intention to put an end litigation, we delete the addition made by the A.O. which has confirmed by the Ld. CIT(A) by allowing Ground No.2 of the Assessee. Since we have allowed the Ground No. 2 of the Assessee, the Ground No. 1, 3 4 are not been adjudica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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