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The ITAT upheld the CIT(A)'s decision to restrict TP adjustment on guarantee commission to 0.2% for one financial year, finding TPO's 0.77% adjustment unjustified. The ITAT also supported CIT(A)'s deletion of 0.25% mark-up without basis. Regarding ESOP expenses, ITAT agreed with CIT(A) that discount on ESOP shares was deductible u/s 37(1) as it was not a capital expenditure. Disallowance u/s 14A was rejected as no exempt income was earned, following precedents that disallowance cannot exceed exempt income. Revenue's appeal was dismissed.
The ITAT upheld the CIT(A)'s decision to restrict TP adjustment on guarantee commission to 0.2% for one financial year, finding TPO's 0.77% adjustment unjustified. The ITAT also supported CIT(A)'s deletion of 0.25% mark-up without basis. Regarding ESOP expenses, ITAT agreed with CIT(A) that discount on ESOP shares was deductible u/s 37(1) as it was not a capital expenditure. Disallowance u/s 14A was rejected as no exempt income was earned, following precedents that disallowance cannot exceed exempt income. Revenue's appeal was dismissed.
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