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2021 (10) TMI 403 - ITAT HYDERABADTP adjustment - ALP Adjustment including Duty Entitlement Pass Book (DEPB) and Focus Products Scheme (FPS) on export of Ferro Alloys - HELD THAT:- Inclusion of assessee's Duty Entitlement Pass Book (DEPB) and Focus Products Scheme (FPS) on export of Ferro Alloys; as an adjustment in computing Arm's Length Price (ALP) adjustment as per Rule 10B(1)(a)(2) and (3) is found to be no more res integra as Revenue's appeal [2021 (7) TMI 948 - ITAT HYDERABAD] as held that assessee's argument seeking to include DEPB as an adjustment for "ALP" computation because it is in the nature of an operating income, ought not be accepted as it tends to have an overriding effect on application of chapter-X of the Act as per stricter interpretation rule.We thus adopt judicial consistency to adopt the above extracted reasoning mutatis mutandis to affirm the CIT(A)'s action affirming the impugned ALP adjustment in assessee's appeal. Delayed employees contribution to ESI/PF - amount had been deposited beyond the due date prescribed under corresponding statute but before that of filing return u/s. 139(1) - HELD THAT:- Amount had been paid before the due date of filing sec. 139(1) return and after the due date prescribed in the corresponding statutes; respectively. We notice in this factual backdrop that the legislature has not only incorporated necessary amendments in Sections 36(va) as well as 43B vide Finance Act, 2021 to this effect but also the CBDT has issued Memorandum of Explanation that the same applies w.e.f. 1.4.2021 only. It is further not an issue that the foregoing legislative amendments have proposed employers contributions; disallowances u/s. 43B as against employee u/s. 36 (va) of the Act; respectively. However, keeping in mind the fact that the same has been clarified to be applicable only with prospective effect from 1.4.2021, we hold that the impugned disallowance is not sustainable - As relying on GUJARAT STATE ROAD TRANSPORT CORPORATION [2014 (1) TMI 502 - GUJARAT HIGH COURT] and M/S MERCHEM LIMITED [2015 (9) TMI 560 - KERALA HIGH COURT] the impugned ESI/PF disallowance is directed to be deleted Transfer Pricing Adjustment - TPO making corporate guarantee adjustment @ 2% commission as against assessee's behest @ 0.875% - HELD THAT:- Tribunal's order has already upheld the CIT(A)'s action deleting similar ALP adjustment on assessee's corporate guarantee declared @ 0.875% in A.Y. 2013-14[2021 (7) TMI 948 - ITAT HYDERABAD] - No distinction on law and facts has emerged during the course of hearing. We thus affirm the CIT(A)'s lower appellate action under challenge deleting the impugned corporate guarantee adjustment. Revenue's appeal rejected.
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