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2016 (5) TMI 39 - AT - Income TaxAddition on account of undervaluation of equity shares considered as deemed loan and interest computed thereon - Held that:- The issue stands covered in favour of the assessee by the judgment of the Hon’ble Jurisdictional High Court, delivered in the case of Vodafone India Services Pvt. Ltd. (2014 (11) TMI 881 - BOMBAY HIGH COURT ) held that the issue of shares at a premium by the petitioners to its non -resident holding company does not give rise to any international transaction, that in such a case application of the provisions of Chapter X of the Act would not arise - Decided in favour of assessee Addition made on account of rejection of Comparable Uncontrolled Price(CUP)in respect of the international transactions - Held that:- We find that the assessee had imported MEL on 27. 1. 2009 @ ₹ 25. 87 per Kg, that the CUP rate as on 30. 1. 2009 was ₹ 26. 71 per Kg, that the rate adopted by the assessee fits within the ± 5% of the CUP range. In our opinion the date chosen by the assessee was more appropriate than the date adopted by the TPO. The DRP itself had held that nearest CUP data should be considered. In the case under consideration the assessee had adopted the data of 30th January which was the nearest date for the transaction in question. Therefore, in our opinion adjustment made by the TPO was not proper.- Decided in favour of assessee
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