TMI Blog2017 (6) TMI 1207X X X X Extracts X X X X X X X X Extracts X X X X ..... e Enterprise at ₹ 7.3%. We could have considered the case of the Revenue had the Revenue brought on record the rate of interest being charged in the country where the Associate Enterprise of the assessee has advanced the loan. Naturally, the period for which loan has been given would be considered and not the period within which the loan has been repaid. However, considering the fact that the assessee has got the loan at 4.79% and has advanced the loan to his Associate Enterprise at 7.3% and the very basis of the order of the Transfer Pricing Officer was on wrong premise i.e. it has considered the rate as prevailing in India, the Tribunal has considered the facts of the present case in a plausible manner. - INCOME TAX APPEAL NO.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngs (ECB) is applicable in the present case ? Any other question of law if this Hon'ble Court may like to formulate, in the facts and circumstances of the case. 3 The learned counsel for the appellant strenuously contends that the Tribunal was not right in holding that the Commissioner (Appeals) has not validly considered the Transfer Pricing adjustment as required under the law. It ought to have been considered that Transfer Pricing adjustment USD IRS rate is for conversion of floating rate of interest to the fixed rate of interest. The RBI's Master Circular has been completely ignored. The Commissioner (Appeals) has rightly considered the same and had adopted the correct policy that the loan of 17 million was for a period of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aken loan at a rate of ₹ 4.79 and it has advanced loan of 17 million to its Associate Enterprise situated in a foreign country at 7.3%. According to the learned senior advocate, the same has been rightly considered. The rate of interest as prevailing in the country where the said loan is consumed will have to be considered and not the rate of interest prevailing in India. The Tribunal has considered that the benchmarking done by the assessee are based on the interest paid by it on its borrowing of loan from KEXIM Bank and from the State Bank of India. The said finding of fact is arrived at on appreciation of the facts to the present case. 4 We have considered the submissions canvassed by the learned counsel for respective parties. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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