TMI Blog2020 (3) TMI 1281X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee is treated as allowed for statistical purposes. - ITA Nos. 213/Hyd/17 and 505/Hyd/16 - - - Dated:- 11-3-2020 - P. Madhavi Devi, Member (J) And A. Mohan Alankamony, Member (A) For the Appellant : Ashik Shah, AR For the Respondents : Y.V.S.T. Sai, CIT-DR ORDER P. Madhavi Devi, Member (J) Both are assessee's appeals for the A.Ys. 2012-13 2011-12 respectively. The assessee was formerly known as Apollo Health Street Ltd. 2. Brief facts of the case are that the assessee-company, which is engaged in the business of IT Enabled Services and BPO service provider, filed its returns of income for the relevant assessment years and also under the provisions of Section 115JB of the Income Tax Act [Act]. The Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ALP for shareholder corporate guarantee vis-a-vis. similar shareholder corporate guarantee provided by parent company to Indian subsidiaries in violation of Article 26 of India - US Double Taxation Avoidance Agreement. ('DTAA'). d) Without prejudice, not undertaking an objective analysis for determining the ALP on the shareholder corporate guarantee by determining the benefit to US wholly owned subsidiary in terms of interest savings on account of the guarantee extended. e) Without prejudice, not following the Hon'ble Tribunal rulings and judicial precedents on applicability of TP to similar guarantee and determination of ALP. CORPORATE TAX ISSUES 3. Levying of interest u/s. 234B and 234C on the Transfer Pric ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O/TPO and direct the AO/TPO to adopt the same rate of commission for the corporate guarantee as decided in the earlier assessment years. 5.1. Ground No. 3 is in connection with levy of interest u/s. 234B and 234C of the Act. This issue is also remitted to the file of AO to give consequential relief, if any to the assessee. 6. In the result, appeal of assessee in ITA No. 213/Hyd/2017 for the A.Y. 2012-13 is treated as allowed for statistical purposes. ITA No. 505/Hyd/2016 (A.Y. 2011-12): 7. In this appeal of assessee, there are other corporate tax issues and these issue are also set aside to the file of AO for verification of the assessee's claims and granting of relief, if any to the assessee and in respect of set-off of bro ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
