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2022 (5) TMI 685 - AT - Income TaxTP Adjustment - adjustment in respect of corporate guarantee - amount guarantee provided by Havells Holdings Ltd. was Rs.143.13 crores against which the TPO has calculated guarantee fee @ 1.3 % amounting to Rs.1.86 crores - HELD THAT:- Keeping in view, the judgments of the Hon’ble Bombay High Court Everest Kento Cylinders Ltd [2015 (5) TMI 395 - BOMBAY HIGH COURT] and Thomas Cook (India) Ltd. [2019 (9) TMI 473 - BOMBAY HIGH COURT] in the absence of any other judgment contrarily brought to our notice, we hereby direct that the adjustment in respect of corporate guarantee provided to AEs be determined at date of 0.5 % instead of 1.3% determined by the revenue. Disallowance in respect of provision made for sales incentive under “Shahenshah Scheme” - HELD THAT:- This issue stands covered in the case of the assessee by the order of the Co- ordinate Bench of the Tribunal [2021 (1) TMI 741 - ITAT DELHI]. As a result, the appeal of the assessee on this ground is allowed and it is to be kept outside the purview of Section 115 JB. Denial of claim of deduction u/s 80IC on interest income - HELD THAT:- We find that the Hon’ ble Delhi High Court in the case of PCIT vs. Bharat Sanchar Nigam Ltd. [2016 (8) TMI 270 - DELHI HIGH COURT] and the Co- ordinate Bench of Tribunal in the case of M/ s. NHPC Ltd. [2019 (5) TMI 1664 - ITAT DELHI] has held that the Revenue was not justified in denying the claim of deduction on such income. Before us, Revenue has not pointed any contrary binding decision in its support. We therefore, hold that AO not justified in denying the claim of deduction u/ s 80IC of the Act and thus direct the AO to grant deduction u/ s 80 IC on the interest income earned by the assessee.
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