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The ITAT allowed the appeal of the assessee, holding forex derivative losses were bona fide hedging business losses, not speculative, and directed their allowance; an ad-hoc 1% stock discrepancy addition was deleted. The DRP's fresh disallowance raised a new issue not examined by the AO and was held ultra vires; the DRP exceeded its jurisdiction by introducing a new source of income. Transfer pricing adjustments were restricted to LIBOR-based interest on loans to AEs, following coordinate-bench precedent. The Tribunal held notional interest on delayed receivables was not an international transaction for the relevant years and disallowed corresponding TP adjustment. The AO was directed to compute notional commission on a corporate guarantee at 1% interest.
The ITAT allowed the appeal of the assessee, holding forex derivative losses were bona fide hedging business losses, not speculative, and directed their allowance; an ad-hoc 1% stock discrepancy addition was deleted. The DRP's fresh disallowance raised a new issue not examined by the AO and was held ultra vires; the DRP exceeded its jurisdiction by introducing a new source of income. Transfer pricing adjustments were restricted to LIBOR-based interest on loans to AEs, following coordinate-bench precedent. The Tribunal held notional interest on delayed receivables was not an international transaction for the relevant years and disallowed corresponding TP adjustment. The AO was directed to compute notional commission on a corporate guarantee at 1% interest.
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TaxTMI 
TaxTMI 
