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2023 (2) TMI 502 - ITAT MUMBAIDisallowance u/s 14A - HELD THAT:- As respectfully following the decision of ITAT in assessee’s own case for A.Y. 2010-11 [2018 (2) TMI 428 - ITAT MUMBAI] we direct the learned Assessing Officer to restrict the disallowance under Section 14A of the Act to the extent of exempt income only. Accordingly, the ground no.1 of the appeal is partly allowed. Credit for TDS - HELD THAT:- Though, nothing is argued before us but we direct the learned Assessing Officer to verify the claim of the assessee, if substantiated before him and decide in accordance with the law. TP Adjustment - claim of the assessee is that at least 50% of deduction should be granted to the assessee on account of research cost and volume cost if CUP method is applied - HELD THAT:- Respectfully following the decision of the co-ordinate benches in assessee’s own case, where assessee is granted 40% deduction on account of research cost volume adjustment, we direct the learned Transfer Pricing Officer/ Assessing Officer to grant the deduction on this count at the rate of 40% instead of 29.50% allowed by him. The contention of the assessee with respect to ground is rejected in view of the decision of the co-ordinate Bench in assessee’s own case for earlier years. DRP direction to adopt a weighted average methodology in computing the arithmetic mean of non-Associated Enterprises transaction for arriving at Arm’s Length Price of brokerage charged for clearing house and DVP trades - HELD THAT:- Only arithmetic mean of the prices of brokerage should be taken and not weighted average of such prices todetermine Arm’s length price of the International Transaction. Directions of the LD DRP are unsustainable in law.
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