2020 (7) TMI 851

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....i Uodal Raj Singh ORDER PER VIKAS AWASTHY, JM: This appeal by the assessee is directed against the assessment order dated 31/10/2017 passed under section 143(3) r.w.s. 144C (13) of the Income Tax Act, 1961 (in short 'the Act') for the assessment year 2013-14. 2. The assessee has raised 12 grounds of appeal. Ms. Usha Kadam, appearing on behalf of the assessee submitted at the outset tha....

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....fore the Tribunal in ITA Nos.1039 & 687/Mum/2016, respectively. The Tribunal vide order dated 06/12/2019 common for both the assessment years held that LIBOR rate is to be applied without any mark-up. To further buttress her contentions, the ld. Authorized Representative of the assessee placed reliance on the decision of Hon'ble Bombay High Court in the case of CIT Vs. TATA Autocomp Systems Lt....

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....as well. The Tribunal has adjudicated this issue in assessee's appeals for the aforesaid assessment years. 4. We have heard the submissions made by rival sides and have perused the orders of authorities below. There are two issues in appeal for our consideration i.e.: i. TP adjustment w.r.t. interest on loans advanced to AE; and ii. Disallowance u/s 14A r.w.r. 8D. 5. The ld....

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....out any mark-up. We further observe that in the immediately preceding assessment years, the TPO had made similar adjustments qua interest on loans advanced to AE. The Co-ordinate Bench directed the TPO to apply LIBOR rates to benchmark Arm's Length Price (ALP) of International Loan Transaction. Thus, in the light of the afore mentioned judgement of the Hon'ble Jurisdictional High Court and the ord....