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2020 (8) TMI 38 - AT - Income TaxTP Adjustment - upward adjustment of notional guarantee fees made u/s 92CA of the Act - HELD THAT:- This issue is entirely covered in assessee’s own case by the judgment and order passed by the Co-ordinate Bench in favour of the assessee [2016 (11) TMI 1671 - ITAT AHMEDABAD] Upward adjustment of notional guarantee fees made by AO u/s 92CA - HELD THAT:- As relying upon the judgment passed by the Mumbai Tribunal in the case of Siro Clinpharm Pvt. Ltd. vs. DCIT [2016 (5) TMI 633 - ITAT MUMBAI] the upward adjustment made on notional guarantee fees has been deleted. Hence, taking into consideration the judgment passed by the Co-ordinate Bench in assessee’s own case on the identical issue [2016 (11) TMI 1671 - ITAT AHMEDABAD] we find no reason to deviate from the decision and observation in its support made therein and thus, accordingly we direct the AO to delete the upward adjustment for notional guarantee fees. Addition u/s 10B for not bringing back convertible foreign exchange of export sale within the extended time - HELD THAT:- Upon perusal of the provision as envisaged 155(11A) of the Act we find that the veracity of the claims needs to be examined on the basis of the evidence in regard to amount of convertible foreign exchange and the time period specified in order to determine the disallowance, if any, and thus, we find it fit to set aside the issue to the file of the AO to amend the order of the assessment so as to allow deduction under Section 10B of the Act in respect of such income or part thereof which is brought into India and to pass order in the light of the provision laid down under Section 155(11A) of the Act. While doing so the Ld. AO shall give an opportunity of being heard to the assessee and the assessee will be at liberty to adduce evidence in support of its claim under Section 10B of the Act - Assessee’s appeal is allowed for statistical purpose.
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