https://www.taxtmi.com/caselaws?id=393286 The Tribunal allowed the appeal in part, directing the AO to delete the transfer pricing adjustment on interest for the purchase of two ships under the Tonnage Tax Scheme. It also instructed the AO to adjust the fees for providing a negative lien at a lower rate, treat interest on the advance for preference shares using the LIBOR rate, recalculate interest on outstanding receivables until March 31, 2013, classify interest income on loans to subsidiaries as business income, allow interest expenditure under specified sections, reallocate common interest expenditure based on assets, and rectify double taxation of supervision management fees. en-us Fri, 06 Mar 2020 00:00:00 +0530 Wed, 22 Jul 2020 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393286 The Tribunal allowed the appeal in part, directing the AO to delete the transfer pricing adjustment on interest for the purchase of two ships under the Tonnage Tax Scheme. It also instructed the AO to adjust the fees for providing a negative lien at a lower rate, treat interest on the advance for preference shares using the LIBOR rate, recalculate interest on outstanding receivables until March 31, 2013, classify interest income on loans to subsidiaries as business income, allow interest expenditure under specified sections, reallocate common interest expenditure based on assets, and rectify double taxation of supervision management fees. Case-Laws Income Tax Fri, 06 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393286