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2019 (3) TMI 1810 - AT - Income TaxRectification u/s 154 - adjustment on account of loans given by assessee to its AE - recoverability of the interest as well as the loans given to its AE - HELD THAT:- We find that only a principle has been drawn on the strength of statutory provisions to arrive at a conclusion that so long as the transactions is an international transaction within the framework of law, the computation of income there-from has to be on the basis of arm’s length principle. While arriving at such a conclusion, strength has been drawn from the cited decision of the special bench rendered in Instrumentation Corporation Ltd. [2016 (7) TMI 760 - ITAT KOLKATA]. This being the case, the submission that the cited decision was factually different and distinguishable, in our opinion, carry no weight. Matter of quantification of appropriate applicable rate has been remitted back to the file of Ld. AO / TPO with certain observations in the light of additional evidences submitted by the assessee. It is made clear that the Arm’s Length Price of the stated transactions shall be determined within the framework of law keeping in view the principle laid down in para 5.6 of the said order. Needless to add that the assessee is free to agitate the applicable rate of stated transactions. MA dismissed.
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