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2018 (9) TMI 964 - ITAT DELHITPA - benchmarking of the interest paid by the assessee to its AEs on the Fully and Compulsory Convertible Debentures (FCCDs) - Held that:- In view of the finding of a coordinate bench of this Tribunal in assessee’s own case for the immediately preceding years, we are of the considered opinion that the issue is no longer res integra and this bench is required to follow the same in the absence of any change of circumstances. No change of circumstances is pleaded before us. We, therefore, while respectfully following the above decision, reach a conclusion that it is reasonable on facts and also permissible under law to include 300 points basis while calculating the interest rate. In view of the fact that the variance does not exceed 5% for the FCCDs issued during the FYs 2008-09 and 3% for the FCCDs issued subsequently interference by the Ld. TPO with the value of the international transaction. The addition, therefore, cannot be sustained and shall be directed to be deleted. We accordingly direct the learned AO/TPO to delete the same.
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