SLP was granted to the revenue Glenmark Pharmaceuticals Ltd. (2017) 397 ITR 30(St) / 250 Taxman 391 (SC). Dismissing the appeal of the revenue the Court held that Bench mark fixed by TPO at 3 percent on account of guarantee commission is held to be correct. Comparison can be made between guarantees issued by commercial Banks as against a corporate guarantee issued by a holding company to benefit of its Associated enterprises. (AY.2008-09)
(Note: Order of Tribunal in Glenmark Pharmaceuticals Ltd. v. Add.CIT (2014) 43 taxmann.com 191 / 62 SOT 79 (URO) (Mum.)(Trib.) is affirmed.