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2021 (8) TMI 1238 - AT - Income TaxTP Adjustment - Arm’s Length Price (ALP) adjustment regarding its corporate guarantee(s) - International transaction u/s 92B - HELD THAT:- There is no dispute that this tribunal’s various earlier coordinate bench decisions in Micro Ink Ltd [2015 (12) TMI 143 - ITAT AHMEDABAD], BHARTI AIRTEL LIMITED (BHARTI CRESCENT) [2014 (3) TMI 496 - ITAT DELHI] and Bartronics India Ltd [2017 (9) TMI 1649 - ITAT HYDERABAD] had indeed held a corporate guarantee to be purely a shareholder activity than forming an international transaction u/s.92B of the Act. This legal proposition is no more res integra in view of the PCIT Vs. M/s.Redington (India) Limited, [2020 (12) TMI 516 - MADRAS HIGH COURT]taking note of not only the foregoing legislative positions (supra) but also holding that the same carried retrospective effect as well. We adopt the foregoing detailed discussion Mutatis Mutandis and hold that the learned lower authorities have rightly treated the assessee’s corporate guarantee(s) in all the three impugned assessment years as an international transaction falling u/s.92B.
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