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| The Tax Publishers2019 TaxPub(DT) 6549 (Bom-HC) INCOME TAX ACT, 1961,
Section 92C
Though issue of restricting rate of interest by Tribunal on loans given to Associated Enterprises @ LIBOR + 2%, instead of 17.22% proposed by TPO, was decided in favour of assessee in the assessee's earlier case, therefore, the same issue same facts was not entertained.
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Transfer pricing - Computation of ALP - Rate of interest on loans given to Associated Enterprises -
Revenue raised question of law as to whether in terms of provision of section 92C read with rule 10B, Tribunal was right in restricting rate of interest on loans given to Associated Enterprises @ LIBOR + 2%, instead of 17.22% proposed by TPO. Held: It was an agreed position between the parties that the issue raised herein stand concluded against the Revenue and in favour of the assessee. [This by the decision of this Court in the assessee's earlier case, i.e. PCIT v. Manugraph [ [Income Tax appeal No.454 of 2016, dt. 19-11-2018]] The aftersaid decision was rendered following M/s. Everest Kento Cylinders Ltd. [(2015) 378 ITR 57 (Bom) : 2015 TaxPub(DT) 2547 (Bom-HC)]. The question did not raise any substantial question of law, thus, the same was not entertained.
Followed:PCIT v/s. Manugraph [ [Income Tax Appeal No.454 OF 2016, dt. 19-11-2018]]; M/S. Everest Kento Cylinders Ltd. [(2015) 378 ITR 57 (Bom) : 2015 TaxPub(DT) 2547 (Bom-HC)]
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2009-10
INCOME TAX ACT, 1961,
Section 37(1)
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