https://www.taxtmi.com/caselaws?id=456991 The ITAT Mumbai dismissed the Revenue's appeal on multiple grounds. Regarding transfer pricing adjustment for corporate guarantee to associated enterprise, the Tribunal held no TP adjustment was required, following its earlier decision for AY 2009-10. For interest disallowance under section 36(1)(iii) on advances to joint ventures, the Tribunal found no disallowance warranted as the assessee had sufficient own funds. The Tribunal also upheld depreciation claims on speed boat's written down value and allowed professional fees for arbitration award, consistently following precedents from the assessee's earlier assessment year. en-us Fri, 21 Jun 2024 00:00:00 +0530 Thu, 29 Aug 2024 12:59:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456991 The ITAT Mumbai dismissed the Revenue's appeal on multiple grounds. Regarding transfer pricing adjustment for corporate guarantee to associated enterprise, the Tribunal held no TP adjustment was required, following its earlier decision for AY 2009-10. For interest disallowance under section 36(1)(iii) on advances to joint ventures, the Tribunal found no disallowance warranted as the assessee had sufficient own funds. The Tribunal also upheld depreciation claims on speed boat's written down value and allowed professional fees for arbitration award, consistently following precedents from the assessee's earlier assessment year. Case-Laws Income Tax Fri, 21 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456991