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2018 (5) TMI 333 - AT - Income TaxArm s length price adjustment in respect of interest free loan - Held that - The relevant details in support of the Euro PLR being taken at 4.11% are not before us. Therefore unable to uphold or approve the rate as canvassed by the assessee even though we accept the plea of the assessee in principle and remit the matter to the file of the Assessing Officer for recomputing the ALP adjustment on the basis of Euro PLR and in the light of our observations as above. Assessee is directed to place all the material in support of its stand on the quantification part only before the Assessing Officer and the Assessing Officer shall decide the matter taking into account the same and in the light of such material as he may be available to him in respect of Euro PLR- though after confronting the assessee with the same in accordance with the law and after giving a reasonable of hearing to the assessee. Disallowance u/s 14A - Held that - As in the case of CIT Vs Corrtech Energy Pvt Ltd 2014 (3) TMI 856 - GUJARAT HIGH COURT have adopted the same approach and held that when there is no tax exempt earnings there cannot be any occasion for disallowance under section 14A. Clearly therefore the very foundation of the impugned disallowance under section 14A is devoid of legally sustainable substance. For this short reason alone dealing with the basic stand of the Assessing Officer and without dealing with the merits any further we uphold the plea of the assessee and delete the impugned disallowance. Disallowance being delayed payments of PF/ESI dues - Held that - This issue is concluded against the assessee by Hon ble jurisdictional High Court s judgment in the case of CIT Vs Gujarat State Road Transport Corporation Ltd 2014 (1) TMI 502 - GUJARAT HIGH COURT . We therefore uphold the disallowance and decline to interfere in the matter. Exclusion of foreign exchange gain for the purpose of computing deduction u/s 80IB - Held that - Admittedly there is no bar on this Tribunal to admit the claim and as the matter has not been examined on merits at any stage in remitting the matter to the file of the Assessing Officer for adjudication on merits. That is by and large the normal practice being adopted by the coordinate benches as well. Consistent with the stand of the coordinate benches while we admit the claim of the assessee for consideration we remit this issue also to the file of the Assessing Officer for fresh adjudication on merits after giving a reasonable opportunity of hearing to the assessee in accordance with the law and by way of a speaking order.
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