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2021 (5) TMI 575 - AT - Income TaxTP Adjustment - adjustments pertaining to corporate guarantees - international transaction u/s 92B - HELD THAT:- We find no merit in assessee's instant legal argument in principle since hon'ble Madras high court's latest decision in Redington India Pvt. Ltd. [2020 (12) TMI 516 - MADRAS HIGH COURT] has settled the law that a corporate guarantee indeed forms an international transaction and covered by the Explanation to section 92B with retrospective effect as well. The assessee's first and foremost legal argument fails therefore. Quantification of the impugned corporate guarantee commission - Lumpsum corporate guarantee commission of 0.9% would be just and proper in both the impugned assessment years i.e., A.Ys. 2012-13 and 2013-14. Denying carry forward set-off losses under the head 'capital gains' - HELD THAT:- It transpires during the course of hearing that this tribunal's order in assessee's appeal[2016 (9) TMI 1597 - ITAT HYDERABAD] has restored the issue of carried forward of short term losses pertaining to earlier assessment years back to the Assessing Officer. The said order has indeed not been considered in any of the lower appellate authorities' adjudication(s). We therefore proceed on the very line of action in the impugned assessment year as well by adopting judicial consistency and direct the Assessing Officer to verify all the necessary facts in the light of the consequential adjudication in the earlier assessment year(s). Ordered accordingly. This second substantive ground is taken as allowed for statistical purposes. Admission of additional claim - Capital gains addition - Assessing Officer's consequential assessment dt. 30-01-2017 holds that such an additional claim could not be entertained in absence of a revised return as per hon'ble apex court's decision in Goetze (India)[2006 (3) TMI 75 - SUPREME COURT] - HELD THAT:- We find no merit in the Revenue's foregoing argument. Their lordships have made it clear in para 4 that the same only applies on the Assessing Officer's jurisdiction to entertain a new claim than impinging upon the appellate authorities' similar jurisdiction to allow the concerned parties to plead new grounds. We therefore direct the Assessing Officer to adjudicate the assessee's impugned capital gains addition grievance on merits as per law within three effective opportunities of hearing.
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