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PRINCIPAL COMMISSIONER OF INCOME TAX-I Versus ADANI ENTERPRISES LTD

2016 (8) TMI 163 - GUJARAT HIGH COURT

Addition on account of Transfer Pricing upward adjustment - pledging of shares fot taking term loan - ITAT deleted the addition - Held that:- Assessee was correct in pointing out that though at one stage, the assessee had intended to pledge its shares for guarantee in favour of an AE, however, such transaction did not go through since the RBI permission, which was needed, was not granted. The TPO ventured in the realm of conjectures when he recorded that despite this refusal, the assessee may ha .....

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ing tax free income - ITAT deleted the addition - Held that:- In this respect, the Tribunal noted that the assessee had sufficient interest free funds for investing into tax free investments. The Tribunal, therefore, accepted assessee's version that interest free funds were not diverted for such investment. The Tribunal placed reliance on decision of this Court in case of Commissioner of Income Tax vs. Torrent Power Ltd. [2014 (6) TMI 185 - GUJARAT HIGH COURT ] . In view of such facts, we do not .....

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ight in confirming the ld. CIT(A)'s decision to delete the addition of ₹ 3,65,96,000/- made by the AO on account of Transfer Pricing upward adjustment? [B] Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in confirming the CIT(a)'s decision in restricting the disallowance against ₹ 8,13,62,928/- made by the AO? 2. Question A pertains to deletion of addition of ₹ 3.65 crores made by the Assessing Officer on account of transfer .....

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ced that this guarantee was provided for charging any guarantee fees. The assessee was, therefore, put to notice why arm's length guarantee fees should not be computed in relation to this transaction. In response to the notice, the assessee contended that the assessee-company deed intend to provide a guarantee by pledging its shares. However, before the same could be done, permission of Reserve Bank of India ['RBI' for short] was required to be obtained. RBI did not grant such approv .....

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was regarding pledging of shares in favour of M/s. IDBI Trusteeship Services Limited and not concerning ICICI Bank Limited. This letter may, therefore, have reference to some other transaction. 4. The assessee carried the matter in appeal before the Commissioner. The appellate Commissioner reversed the decision of the Assessing Officer observing that IDBI Trusteeship Ltd is security trustee of ICICI Bank Limited, Singapore and thus, RBI's letter refusing permission for pledge of the shares r .....

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