Bharti Airtel Limited v. ACIT

161 TTJ 428Income Tax Appellate Tribunal2014#4195 most cited

What is Bharti Airtel Limited v. ACIT authority for?

Corporate guarantees cannot be considered international transactions for the purposes of Section 92B of the Income Tax Act, 1961.

28

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2025.

Also referred to as

Bharti Airtel Limited v. ACIT · 161 TTJ 428 · ITAT Delhi · corporate guarantee · international transaction · Section 92B · transfer pricing · shareholder services

Sections most often in play

Section 140A(3)Section 250Section 92B

Issues it is cited on

section 100profit split methodbright line testresale price methodsection 36(l)(va)amp expendituresection 92esection 92(1)cost plus methodsection 140acorporate guaranteefar analysis

Judgments citing Bharti Airtel Limited v. ACIT

DCIT CIRCLE-5(1), KOLKATA vs. S K SARAWAGI AND COMPANY PVT LTD, KOLKATA

Accordingly, the revenue succeeds partially\non this issue.\n\n7.\nConsidering the discussion above, the Revenue's appeals are partly\nallowed

ITA 151/KOL/2024[2016-17]Status: DisposedITAT Kolkata25 Jun 2025AY 2016-17
Section 250Section 92B

…case and the ld. CIT(A) has relied on the assessee's\nown case for AY 2006-07 (ITA No. 2022/KOL/2010 dated 08.09.2017) and the cases of Tega\nIndustries Limited vs. DCIT in ITA No. 1912/KOL/2012 and the case of Bharti Airtel Ltd. vs.\nACIT reported in [2014] 161 TTJ 428 (Delhi - Trib.) to grant relief to the appellant on the basis\nof finding that CG could not be an international transaction for the purposes of Section 92B\nof the Act. Though the appellant has relied on the findings in its own case in the previous\nyear relied upon by the ld. CIT(A) but the ld. A/R has also relied on a number of other\nauthoriti…

DCIT, CIRCLE-5(1), KOLKATA vs. S K SARAWAGI AND COMPANY PRIVATE LIMITED, KOLKATA

Appeals are partly allowed

ITA 150/KOL/2024[2015-16]Status: DisposedITAT Kolkata25 Jun 2025AY 2015-16

Bench: The O/O Pcit-2, Kolkata 23.01.2024 Certificate Of Filing 2Nd Appeal Was Received From The O/O Pr. Cit-2, Kolkata 24.01.2024 Necessary Hardcopies Of Documents/ Paper/ Details Required For Filing 2Nd Appeal Before The Hon’Ble Itat, Kolkata Were Collected & Prepared. 25.01.2024 2Nd Appeal Was Filed

Section 250Section 92B

…t’s case and the ld. CIT(A) has relied on the assessee’s own case for AY 2006-07 (ITA No. 2022/KOL/2010 dated 08.09.2017) and the cases of Tega Industries Limited vs. DCIT in ITA No. 1912/KOL/2012 and the case of Bharti Airtel Ltd. vs. ACIT reported in [2014] 161 TTJ 428 (Delhi - Trib.) to grant relief to the appellant on the basis of finding that CG could not be an international transaction for the purposes of Section 92B of the Act. Though the appellant has relied on the findings in its own case in the previous year relied upon by the ld. CIT(A) but the ld. A/R has also relied on a number of other authorities t…

DCIT, CIRCLE - 11(1), KOLKATA, KOLKATA vs. M/S. GRAPHITE INDIA LTD., KOLKATA

In the result, considering the discussions made above, the appeal filed by the Revenue is partly allowed and the cross objection filed by the assessee are dismissed

ITA 473/KOL/2018[2007-08]Status: DisposedITAT Kolkata13 Sept 2024AY 2007-08

Bench: Sri Sanjay Garg & Sri Sanjay Awasthi

Section 143(3)Section 144C(3)Section 62Section 801ASection 80I

…09.2017) and the cases of Tega Industries Limited vs. DCIT in ITA No. 1912/KOL/2012 and the case of Bharti Airtel Ltd. Page 12 of 23 I.T.A. No.: 473/KOL/2018 C.O. No.: 65/KOL/2018 Assessment Year: 2007-08 M/s. Graphite India Ltd. vs. ACIT reported in [2014] 161 TTJ 428 (Delhi - Trib.) to grant relief to the appellant on the basis of finding that CG could not be an international transaction for the purposes of Section 92B of the Act. Though the appellant has relied on the findings in its own case in the previous year relied upon by the ld. CIT(A) but the ld. A/R has also relied on a number of other authorities t…

DCIT, CIRCLE- 7(1), NEW DELHI vs. DABUR INDIA LTD., NEW DELHI

In the result, all these appeals are allowed for statistical purposes

ITA 183/DEL/2018[2011-12]Status: DisposedITAT Delhi20 Sept 2022AY 2011-12
For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Mahesh Shah, CIT DR
Section 801BSection 92C

…and globally applicable. The currency in which the loan is to be re-paid normally determines the rate of return on the money lent, i.e., the rate of interest.” 82.19 We find, the coordinate Bench of the Tribunal in the case of Bharti Airtel Limited vs. ACIT: 161 TTJ 428, too, has held that in a case where loans are advanced in foreign currency, the interest rate on foreign currency loans being qualitatively different, and accordingly, even if one has to see the interest that the assessee would have earned, one has to see the interest that the assessee would have earned on foreign currency loans and not rupee den…

DCIT, CIRCLE-7(1), NEW DELHI vs. DABUR INDIA LTD., NEW DELHI

In the result, all these appeals are allowed for statistical purposes

ITA 7431/DEL/2017[2010-11]Status: DisposedITAT Delhi20 Sept 2022AY 2010-11
For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Mahesh Shah, CIT DR
Section 801BSection 92C

…and globally applicable. The currency in which the loan is to be re-paid normally determines the rate of return on the money lent, i.e., the rate of interest.” 82.19 We find, the coordinate Bench of the Tribunal in the case of Bharti Airtel Limited vs. ACIT: 161 TTJ 428, too, has held that in a case where loans are advanced in foreign currency, the interest rate on foreign currency loans being qualitatively different, and accordingly, even if one has to see the interest that the assessee would have earned, one has to see the interest that the assessee would have earned on foreign currency loans and not rupee den…

DABUR INDIA LTD.,NEW DELHI vs. DCIT, CIRCLE-7(1), NEW DELHI

In the result, all these appeals are allowed for statistical purposes

ITA 7253/DEL/2017[2011-12]Status: DisposedITAT Delhi20 Sept 2022AY 2011-12
For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Mahesh Shah, CIT DR
Section 801BSection 92C

…and globally applicable. The currency in which the loan is to be re-paid normally determines the rate of return on the money lent, i.e., the rate of interest.” 82.19 We find, the coordinate Bench of the Tribunal in the case of Bharti Airtel Limited vs. ACIT: 161 TTJ 428, too, has held that in a case where loans are advanced in foreign currency, the interest rate on foreign currency loans being qualitatively different, and accordingly, even if one has to see the interest that the assessee would have earned, one has to see the interest that the assessee would have earned on foreign currency loans and not rupee den…

DABUR INDIA LTD.,NEW DELHI vs. DCIT, CIRCLE- 7(1), NEW DELHI

In the result, all these appeals are allowed for statistical purposes

ITA 7154/DEL/2017[2010-11]Status: DisposedITAT Delhi20 Sept 2022AY 2010-11
For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Mahesh Shah, CIT DR
Section 801BSection 92C

…and globally applicable. The currency in which the loan is to be re-paid normally determines the rate of return on the money lent, i.e., the rate of interest.” 82.19 We find, the coordinate Bench of the Tribunal in the case of Bharti Airtel Limited vs. ACIT: 161 TTJ 428, too, has held that in a case where loans are advanced in foreign currency, the interest rate on foreign currency loans being qualitatively different, and accordingly, even if one has to see the interest that the assessee would have earned, one has to see the interest that the assessee would have earned on foreign currency loans and not rupee den…

M/S. DABUR INDIA LTD.,NEW DELHI vs. ADDL.CIT, NEW DELHI

In the result, the appeals filed by the Revenue are partly allowed and the appeals filed by the assessee are partly allowed for statistical purposes

ITA 6525/DEL/2014[2008-09]Status: DisposedITAT Delhi18 Feb 2021AY 2008-09

Bench: Shri R.K. Panda & Ms Suchitra Kamble

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri Anupam Kant Garg, CIT-DR
Section 115JSection 143(1)Section 143(2)Section 143(3)Section 80GSection 80ISection 92CSection 92E

…has held that the interest rate should be the market determined interest rate applicable to the currency concerned in which the loan has to be repaid. Referring to the decision of the Delhi Bench of the Tribunal in the case of Bharti Airtel Limited vs. ACIT, 161 TTJ 428, he submitted that in this case also the Tribunal has held that in a case where loans are advanced in foreign currency, the interest rate on foreign currency loans being qualitatively different and accordingly, even if one has to see the interest that the assessee would have earned, one has to see the interest that the assessee would have earned…

DCIT, NEW DELHI vs. M/S. DABUR INDIA LTD., NEW DELHI

In the result, the appeals filed by the Revenue are partly allowed and the appeals filed by the assessee are partly allowed for statistical purposes

ITA 6256/DEL/2014[2008-09]Status: DisposedITAT Delhi18 Feb 2021AY 2008-09

Bench: Shri R.K. Panda & Ms Suchitra Kamble

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri Anupam Kant Garg, CIT-DR
Section 115JSection 143(1)Section 143(2)Section 143(3)Section 80GSection 80ISection 92CSection 92E

…has held that the interest rate should be the market determined interest rate applicable to the currency concerned in which the loan has to be repaid. Referring to the decision of the Delhi Bench of the Tribunal in the case of Bharti Airtel Limited vs. ACIT, 161 TTJ 428, he submitted that in this case also the Tribunal has held that in a case where loans are advanced in foreign currency, the interest rate on foreign currency loans being qualitatively different and accordingly, even if one has to see the interest that the assessee would have earned, one has to see the interest that the assessee would have earned…

M/S. DABUR INDIA LTD.,NEW DELHI vs. ADDL.CIT, NEW DELHI

In the result, the appeals filed by the Revenue are partly allowed and the appeals filed by the assessee are partly allowed for statistical purposes

ITA 3241/DEL/2014[2007-08]Status: DisposedITAT Delhi18 Feb 2021AY 2007-08

Bench: Shri R.K. Panda & Ms Suchitra Kamble

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri Anupam Kant Garg, CIT-DR
Section 115JSection 143(1)Section 143(2)Section 143(3)Section 80GSection 80ISection 92CSection 92E

…has held that the interest rate should be the market determined interest rate applicable to the currency concerned in which the loan has to be repaid. Referring to the decision of the Delhi Bench of the Tribunal in the case of Bharti Airtel Limited vs. ACIT, 161 TTJ 428, he submitted that in this case also the Tribunal has held that in a case where loans are advanced in foreign currency, the interest rate on foreign currency loans being qualitatively different and accordingly, even if one has to see the interest that the assessee would have earned, one has to see the interest that the assessee would have earned…

DCIT, NEW DELHI vs. M/S. DABUR INDIA LTD., NEW DELHI

In the result, the appeals filed by the Revenue are partly allowed and the appeals filed by the assessee are partly allowed for statistical purposes

ITA 3114/DEL/2014[2007-08]Status: DisposedITAT Delhi18 Feb 2021AY 2007-08

Bench: Shri R.K. Panda & Ms Suchitra Kamble

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri Anupam Kant Garg, CIT-DR
Section 115JSection 143(1)Section 143(2)Section 143(3)Section 80GSection 80ISection 92CSection 92E

…has held that the interest rate should be the market determined interest rate applicable to the currency concerned in which the loan has to be repaid. Referring to the decision of the Delhi Bench of the Tribunal in the case of Bharti Airtel Limited vs. ACIT, 161 TTJ 428, he submitted that in this case also the Tribunal has held that in a case where loans are advanced in foreign currency, the interest rate on foreign currency loans being qualitatively different and accordingly, even if one has to see the interest that the assessee would have earned, one has to see the interest that the assessee would have earned…

SMART ANALYST INDIA PVT. LTD.,,NEW DELHI vs. ACIT, CIRCLE-24(1), NEW DELHI

In the result, the assessee’s appeal bearing ITA

ITA 2745/DEL/2018[2012-13]Status: DisposedITAT Delhi27 Oct 2020AY 2012-13

Bench: Shri N.K. Billaiya & Shri Sudhanshu Srivastavaasst. Cit, M/S Smart Analyst Circle-24(1), India Pvt. Ltd. New, Delhi. 14Th Floor, Tower-D, Vs. Dlf Phase-Iii, Gurgaon, Haryana-122002 Pan: Aaics 6117P (Appellant) (Respondent) M/S Smart Analyst India Dy. Cit Private Limited. Circle-24(1) 90/31B 1St Floor, New Delhi. Malviya Nagar, Vs. New Delhi-110017 Pan: Aaics 6117P (Appellant) (Respondent) C.O. No.181/Del/2017 Arising Out Of Ita No.3779/Del/2017 (Assessment Year-2011-12) Asst. Cit, M/S Smart Analyst India Circle-24(1), Private Limited. New Delhi. Vs. 90/31B 1St Floor, Malviya Nagar, New Delhi-110017 Pan: Aaics 6117P (Appellant) (Respondent) C.O No.181/Del/2017 Ita No.2745/Del/2018 (Assessment Year-2012-13) M/S Smart Analyst India Asst. Cit Private Limited Circle-24(1) 90/31B 1St Floor, New Delhi. Malviya Nagar, Vs. New Delhi-110017 Pan: Aaics 6117P (Appellant) (Respondent)

Section 115JSection 92C

…al aspect of this company. It is also a fact on record that the ITAT had rejected the export turn over filter C.O No.181/Del/2017 of 25% in assessee’s own case in Assessment Year 2009-10 by following the Tribunal’s order in Bharti Airtel Ltd. vs. ACIT [2014]161 TTJ 428 (Del.) and had remanded the issue to the TPO for fresh examination. In this year under appeal, the TPO has not specified any reason for applying the export turnover filter of 75% as compared to export turn over filter of 25% applied in Assessment Year 2009-10. Therefore, it is our considered view that this comparable needs to be examined afres…

SMART ANAYLYST INDIA PVT. LTD.,NEW DELHI vs. DCIT, CIRCLE- 24(1),, NEW DELHI

In the result, the assessee’s appeal bearing ITA

ITA 3989/DEL/2017[2011-12]Status: DisposedITAT Delhi27 Oct 2020AY 2011-12

Bench: Shri N.K. Billaiya & Shri Sudhanshu Srivastavaasst. Cit, M/S Smart Analyst Circle-24(1), India Pvt. Ltd. New, Delhi. 14Th Floor, Tower-D, Vs. Dlf Phase-Iii, Gurgaon, Haryana-122002 Pan: Aaics 6117P (Appellant) (Respondent) M/S Smart Analyst India Dy. Cit Private Limited. Circle-24(1) 90/31B 1St Floor, New Delhi. Malviya Nagar, Vs. New Delhi-110017 Pan: Aaics 6117P (Appellant) (Respondent) C.O. No.181/Del/2017 Arising Out Of Ita No.3779/Del/2017 (Assessment Year-2011-12) Asst. Cit, M/S Smart Analyst India Circle-24(1), Private Limited. New Delhi. Vs. 90/31B 1St Floor, Malviya Nagar, New Delhi-110017 Pan: Aaics 6117P (Appellant) (Respondent) C.O No.181/Del/2017 Ita No.2745/Del/2018 (Assessment Year-2012-13) M/S Smart Analyst India Asst. Cit Private Limited Circle-24(1) 90/31B 1St Floor, New Delhi. Malviya Nagar, Vs. New Delhi-110017 Pan: Aaics 6117P (Appellant) (Respondent)

Section 115JSection 92C

…al aspect of this company. It is also a fact on record that the ITAT had rejected the export turn over filter C.O No.181/Del/2017 of 25% in assessee’s own case in Assessment Year 2009-10 by following the Tribunal’s order in Bharti Airtel Ltd. vs. ACIT [2014]161 TTJ 428 (Del.) and had remanded the issue to the TPO for fresh examination. In this year under appeal, the TPO has not specified any reason for applying the export turnover filter of 75% as compared to export turn over filter of 25% applied in Assessment Year 2009-10. Therefore, it is our considered view that this comparable needs to be examined afres…

ACIT,, NEW DELHI vs. M/S SMART ANALYST INDIA PVT. LTD.,, GURGAON

In the result, the assessee’s appeal bearing ITA

ITA 3779/DEL/2017[2011-12]Status: DisposedITAT Delhi27 Oct 2020AY 2011-12

Bench: Shri N.K. Billaiya & Shri Sudhanshu Srivastavaasst. Cit, M/S Smart Analyst Circle-24(1), India Pvt. Ltd. New, Delhi. 14Th Floor, Tower-D, Vs. Dlf Phase-Iii, Gurgaon, Haryana-122002 Pan: Aaics 6117P (Appellant) (Respondent) M/S Smart Analyst India Dy. Cit Private Limited. Circle-24(1) 90/31B 1St Floor, New Delhi. Malviya Nagar, Vs. New Delhi-110017 Pan: Aaics 6117P (Appellant) (Respondent) C.O. No.181/Del/2017 Arising Out Of Ita No.3779/Del/2017 (Assessment Year-2011-12) Asst. Cit, M/S Smart Analyst India Circle-24(1), Private Limited. New Delhi. Vs. 90/31B 1St Floor, Malviya Nagar, New Delhi-110017 Pan: Aaics 6117P (Appellant) (Respondent) C.O No.181/Del/2017 Ita No.2745/Del/2018 (Assessment Year-2012-13) M/S Smart Analyst India Asst. Cit Private Limited Circle-24(1) 90/31B 1St Floor, New Delhi. Malviya Nagar, Vs. New Delhi-110017 Pan: Aaics 6117P (Appellant) (Respondent)

Section 115JSection 92C

…al aspect of this company. It is also a fact on record that the ITAT had rejected the export turn over filter C.O No.181/Del/2017 of 25% in assessee’s own case in Assessment Year 2009-10 by following the Tribunal’s order in Bharti Airtel Ltd. vs. ACIT [2014]161 TTJ 428 (Del.) and had remanded the issue to the TPO for fresh examination. In this year under appeal, the TPO has not specified any reason for applying the export turnover filter of 75% as compared to export turn over filter of 25% applied in Assessment Year 2009-10. Therefore, it is our considered view that this comparable needs to be examined afres…

ASSOCIATED CAPSULES P.LTD,MUMBAI vs. ASST CIT CEN CIR 42, MUMBAI

In the result, appeal of the assessee is partly allowed

ITA 2750/MUM/2014[2008-09]Status: DisposedITAT Mumbai07 Sept 2020AY 2008-09

Bench: Shri Vikas Awasthy & Shri S.Rifaur Rahmanआअसं. 2750/मुं/2014 ("न.व. 2008-09) Associated Capsules Pvt. Ltd. 1001, Dalamal House, 10Th Floor, Nariman Point, Mumbai – 400 021 Pan: Aaaca4769K ...... अपीलाथ" /Appellant

For Appellant: Shri J.D. Mistry, Sr. Advocate with Shri. Madhur Agarwal, AdvocateFor Respondent: Shri Akhtar H. Ansari
Section 132

…ot an International Transaction and hence, no Arms Length Price (ALP) is required to be determined for said transaction. To support his contention, the ld. Counsel for the assessee placed reliance on the following decisions:- (1) Bharti Airtel Ltd. vs. ACIT, 161 TTJ 428 (Del.) (2) Micro Ink Ltd. vs. ACIT, 175 TTJ 8 (Ahd.) (3) Redington (India) Ltd. vs. JCIT, 49 taxamann.com 146 (Chennai) 3 2.1. The ld. Counsel for the assessee submitted that without prejudice to his primary contention, if at all Corporate Guarantee is treated as an International Transaction, then the adjustment for the same should be restricte…

M/S CAE FLIGHT TRAINING (INDIA) PRIVATE LIMITED,BANGALORE vs. ITO, BANGALORE

In the result, Both the C

ITA 84/BANG/2015[2010-11]Status: DisposedITAT Bangalore25 Jul 2019AY 2010-11

Bench: Shri Arun Kumar Garodia & Smt. Beena Pillai

…case of First Blue Home Finance Limited vs. DCIT in ITA No. 3072/DEL/2013; ii. Order of the Honble ITAT Mumbai in the case of Aegis Limited vs. ACTT in ITA No. 1213/Mum/2014; iii. Order of the Honble ITAT Delhi in the case of Bharati Airtel Limited vs. ALIT (161 TTJ 428); iv. Order of the Honble ITAT Delhi in the case of Unitech Limited vs. DCIT in ITA No. 6585/Del/2015. 12. Thus, all the positions taken by the Revenue have been met both on facts and law and the Honble Bench may kindly consider them favorably, both in terms of the arguments made during hearing and in this Notes on Arguments. ITA No. 2006/Bang/2…

ITO, BANGALORE vs. M/S CAE FLIGHT TRAINING PVT. LTD.,, BANGALORE

In the result, Both the C

ITA 63/BANG/2015[2010-11]Status: DisposedITAT Bangalore25 Jul 2019AY 2010-11

Bench: Shri Arun Kumar Garodia & Smt. Beena Pillai

…case of First Blue Home Finance Limited vs. DCIT in ITA No. 3072/DEL/2013; ii. Order of the Honble ITAT Mumbai in the case of Aegis Limited vs. ACTT in ITA No. 1213/Mum/2014; iii. Order of the Honble ITAT Delhi in the case of Bharati Airtel Limited vs. ALIT (161 TTJ 428); iv. Order of the Honble ITAT Delhi in the case of Unitech Limited vs. DCIT in ITA No. 6585/Del/2015. 12. Thus, all the positions taken by the Revenue have been met both on facts and law and the Honble Bench may kindly consider them favorably, both in terms of the arguments made during hearing and in this Notes on Arguments. ITA No. 2006/Bang/2…

DCIT, NEW DELHI vs. M/S. UNITECH LTD., NEW DELHI

In the result this issue is allowed in favour of the assessee

ITA 311/DEL/2016[2011-12]Status: DisposedITAT Delhi12 Feb 2019AY 2011-12

Bench: Shri Amit Shukla & Shri L.P. Sahu

For Appellant: Shri Shailesh Gupta, AdvocateFor Respondent: Shri H.K. Choudhary CIT-D.R
Section 144CSection 36(1)(iii)

…d in 368 ITR 1 (ii) Order of Hon’ble ITAT Delhi in the case of First Blue Home Finance Ltd. vs. DCIT in ITA No. 3072/Del/2013 (iii) Order of Hon’ble ITAT Mumbai Aegis Limited vs. ACIT in ITA No. 1213/M/2014. (iv) Bharti Airtel vs ACIT (ITAT Delhi) reported in 161 TTJ 428. 23.1 He further submitted that the reasonable period in case of share application money remitted by non-resident shareholders as per the RBI is 180 days; and alternatively also, foreign currency denominated investment is to benchmark by applying LIBOR and not SBI lending rate. Strongly relying upon the aforesaid judgements, he submitted that su…

M/S. UNITECH LIMITED,NEW DELHI vs. DCIT, NEW DELHI

In the result this issue is allowed in favour of the assessee

ITA 6585/DEL/2015[2011-12]Status: DisposedITAT Delhi12 Feb 2019AY 2011-12

Bench: Shri Amit Shukla & Shri L.P. Sahu

For Appellant: Shri Shailesh Gupta, AdvocateFor Respondent: Shri H.K. Choudhary CIT-D.R
Section 144CSection 36(1)(iii)

…d in 368 ITR 1 (ii) Order of Hon’ble ITAT Delhi in the case of First Blue Home Finance Ltd. vs. DCIT in ITA No. 3072/Del/2013 (iii) Order of Hon’ble ITAT Mumbai Aegis Limited vs. ACIT in ITA No. 1213/M/2014. (iv) Bharti Airtel vs ACIT (ITAT Delhi) reported in 161 TTJ 428. 23.1 He further submitted that the reasonable period in case of share application money remitted by non-resident shareholders as per the RBI is 180 days; and alternatively also, foreign currency denominated investment is to benchmark by applying LIBOR and not SBI lending rate. Strongly relying upon the aforesaid judgements, he submitted that su…

DCIT, CIRCLE - 7(1), KOLKATA, KOLKATA vs. M/S. BRITANNIA INDUSTRIES LIMITED , KOLKATA

ITA 1392/KOL/2017[2011-12]Status: DisposedITAT Kolkata22 Nov 2018AY 2011-12

Bench: Shri S.S.Godara & Shri, M. Balaganesh

Section 143(3)Section 92B

…tter “alp” component of corporate guarantee(s) involving respective adjustments of ₹2,47,79,679/-, ₹3,57,20,816/- & ₹1,96,69,635 (supra) in all the three impugned assessment years. Suffice to say, tribunal’s various decisions i.e. Bharti Airtel Ltd. vs. ACIT (161 TTJ 428) (ITAT Delhi), Redington India Ltd. vs. ACIT (41 ITR (T) 646) (ITAT Chennai), Micro Ink Ltd. vs. ACIT (157 ITD 132) (ITAT Ahd) and Videocoon Industries Ltd. vs. ACIT (55 taxmann.com 263) (ITAT Mumbai) unanimously hold that a corporate guarantee is not an international transaction within the meaning of Section 92B of the Act. 5. Mr. Srihari veheme…

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