2019 (3) TMI 2111

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....Revenue : Shri Manish Kumar ORDER PER SAKTIJIT DEY, J.M. Aforesaid appeal has been filed by the assessee challenging the order dated 27^th August 2014, passed by the learned Commissioner (Appeals)-15, Mumbai, pertaining to the assessment year 2010-11. 2. In the grounds raised, the assessee has challenged the addition made of 28,99,418, on account of transfer pricing adjustment on corpo....

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.... of the guarantee fee should not be determined. Though, the assessee objected to the proposed adjustment, however, the Transfer Pricing Officer rejecting the submissions of the assessee held that the arm's length price of the corporate guarantee has to be determined. Applying the commercial borrowing rates of SBI @ 0.625%, the Assessing Officer determined the arm's length price of commission @....

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....the rate of 0.5%. In support of such contention, he relied upon the decision of the Hon'ble Jurisdictional High Court in CIT v/s Everest Kento Cylinders Ltd., [2015] 378 ITR 57 (Bom.) and the decision of the Tribunal, Mumbai Bench, in ITA no.882/Mum/2017, dated 7th September 2018. 6. The learned Departmental Representative relied upon the observations of learned Commissioner (Appeals) and t....