https://www.taxtmi.com/caselaws?id=292530 The court upheld the CIT(A)'s decision to delete the addition under section 145A for cenvat credit in closing stock. The use of the LIBOR rate to benchmark trade credits of associated enterprises was deemed inappropriate by the Assessing Officer. The CIT(A) did not consider the TPO's analysis in benchmarking trade credits. The Tribunal dismissed the Revenue's appeal based on the CBDT Circular No. 17 of 2019, citing increased monetary limits. The Tribunal excluded the lockdown period from the calculation of the 90-day limit for pronouncement of orders due to exceptional circumstances caused by Covid-19. en-us Mon, 13 Jul 2020 00:00:00 +0530 Tue, 29 Dec 2020 20:16:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292530 The court upheld the CIT(A)'s decision to delete the addition under section 145A for cenvat credit in closing stock. The use of the LIBOR rate to benchmark trade credits of associated enterprises was deemed inappropriate by the Assessing Officer. The CIT(A) did not consider the TPO's analysis in benchmarking trade credits. The Tribunal dismissed the Revenue's appeal based on the CBDT Circular No. 17 of 2019, citing increased monetary limits. The Tribunal excluded the lockdown period from the calculation of the 90-day limit for pronouncement of orders due to exceptional circumstances caused by Covid-19. Case-Laws Income Tax Mon, 13 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292530