https://www.taxtmi.com/caselaws?id=441398 The Tribunal allowed the assessee's appeals partly, directing the deletion of transfer pricing adjustments for corporate guarantee and standby letter of credit due to no actual international transaction. The Tribunal instructed reassessment of interest on outstanding receivables, remanded the set-off issue for verification, directed the AO to levy interest under section 234D, and grant interest under section 244A if applicable. The Tribunal deemed penalty proceedings premature and dismissed them. The decision stressed detailed verification and compliance with legal provisions in transfer pricing and tax matters. en-us Wed, 26 Jul 2023 00:00:00 +0530 Mon, 18 Sep 2023 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441398 The Tribunal allowed the assessee's appeals partly, directing the deletion of transfer pricing adjustments for corporate guarantee and standby letter of credit due to no actual international transaction. The Tribunal instructed reassessment of interest on outstanding receivables, remanded the set-off issue for verification, directed the AO to levy interest under section 234D, and grant interest under section 244A if applicable. The Tribunal deemed penalty proceedings premature and dismissed them. The decision stressed detailed verification and compliance with legal provisions in transfer pricing and tax matters. Case-Laws Income Tax Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441398