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2017 (6) TMI 1087 - BOMBAY HIGH COURT
Determining the Arm's Length interest - considering the LIBOR (London Inter Bank Operative Rate) plus 2% on the monthly closing balance of the advances - Held that:- It is not disputed that advances were made to the company situated abroad. The LIBOR rate naturally will be considered to determine the Arms Length interest, the same would be reasonable and proper in applying the commercial principle. The Tribunal has directed the appropriate rate would be LIBOR plus 2% instead of LIBOR plus 3% applied by the TPO. No substantial question of law arises for consideration