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TMI Blog2025 (3) TMI 1080X X X X Extracts X X X X X X X X Extracts X X X X ..... ITA No.:747/KOL/2023 02. The ground no. 1 is general in nature and therefore, requires no adjudication. 03. The issue raised in ground no.2, is against the order of ld. AO/Transfer Pricing Officer holding that the corporate guarantee given by the appellant on behalf of its Associated Enterprises falls within the definition of international transactions u/s 92B of the Act. 04. After hearing the rival contentions and perusing the materials available on record, we find that the issue is a recurring one in the assessee own case and has been decided by the co-ordinate Bench in in ITA No. 1854/KOL/2016 vide order dated 13.02.2023 in assessee's own case, wherein it has been held that the corporate guarantee transactions are international trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nation petition that the reasons cited for dealy in late filing the appeal were on account of taking administrative and hierarchial approvals at various stages, which caused the delay in filing the appeal. Since, we find the reasons is genuine and bonafide, we hereby condone the delay in filing the appeal and admit the same for adjudication. 010. The only issue raised by the assessee is against the deletion of addition of Rs. 1,80,74,565/- as made by the AO u/s 14A r.w.s Rule 8D of the Rules. 011. We note that the issue is similar to one has been decided by the Tribunal in assessee's own case in ITA No. 1854/KOL/2016 for A.Y. 2012-13 vide order dated 13.02.2023. We note that during the relevant assessment year, the assessee has earned a d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring the facts of the case and also considering the judgment of Hon'ble Delhi High Court in the case of H.T. Media Ltd. vs. PCIT reported in [2017] 85 taxmann.com 113 (Delhi) deleted the disallowance made by ld. AO applying Rule 8Dof the Rules and accepted the suo moto disallowance made by ld. AO. Since the issue remains the same and the facts are identical, we therefore, taking the consistent view and also considering the fact that most of the investments held by the assessee are brought forward from preceding year and also the major portion of the investment is in the sister/group concerns of the assessee and thus, reverse the finding of ld. CIT(A) and delete the disallowance made by ld. AO and accept the suo moto disallowance offered ..... X X X X Extracts X X X X X X X X Extracts X X X X
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