https://www.taxtmi.com/caselaws?id=342470 The appeals filed by the Assessee were partly allowed for both assessment years. The Tribunal directed adjustments for corporate guarantee fees to be restricted to 0.25% of the amount. Disallowance under Section 14A was deleted as the dividend income was not exempt. The issue of excise duty on closing stock was remitted back to the AO for verification. Interest on the loan to the AE was not adjusted as the Assessee's rate was higher than LIBOR. No ALP adjustments were warranted for reimbursement expenditures. Disallowance of expenses under Section 37(1) was modified to a uniform 5% disallowance. en-us Wed, 03 May 2017 00:00:00 +0530 Wed, 03 May 2017 16:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342470 The appeals filed by the Assessee were partly allowed for both assessment years. The Tribunal directed adjustments for corporate guarantee fees to be restricted to 0.25% of the amount. Disallowance under Section 14A was deleted as the dividend income was not exempt. The issue of excise duty on closing stock was remitted back to the AO for verification. Interest on the loan to the AE was not adjusted as the Assessee's rate was higher than LIBOR. No ALP adjustments were warranted for reimbursement expenditures. Disallowance of expenses under Section 37(1) was modified to a uniform 5% disallowance. Case-Laws Income Tax Wed, 03 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342470