https://www.taxtmi.com/caselaws?id=272688 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's appeal for statistical purposes, restoring several issues to the AO for re-adjudication. The Tribunal upheld the directions of the Ld. CIT(A) regarding the adoption of the LIBOR rate as per RBI's Master Circular for computing the ALP of loans to AEs. The disallowance under section 14A was partly upheld and partly restored to the AO for re-examination. The issues regarding interest-free advances to subsidiary companies and interest expenditure on investment for controlling interest were also restored to the AO for fresh adjudication. The addition on account of interest on borrowed capital towards Capital Work in Progress was restored to the AO for re-adjudication. The general error in the date of the Notice of Demand was deemed clerical and not affecting the validity of the assessment order. en-us Mon, 10 Feb 2014 00:00:00 +0530 Mon, 14 May 2018 06:12:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272688 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's appeal for statistical purposes, restoring several issues to the AO for re-adjudication. The Tribunal upheld the directions of the Ld. CIT(A) regarding the adoption of the LIBOR rate as per RBI's Master Circular for computing the ALP of loans to AEs. The disallowance under section 14A was partly upheld and partly restored to the AO for re-examination. The issues regarding interest-free advances to subsidiary companies and interest expenditure on investment for controlling interest were also restored to the AO for fresh adjudication. The addition on account of interest on borrowed capital towards Capital Work in Progress was restored to the AO for re-adjudication. The general error in the date of the Notice of Demand was deemed clerical and not affecting the validity of the assessment order. Case-Laws Income Tax Mon, 10 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272688