The assessee company had provided corporate guarantee in respect of loans availed by its overseas associated enterprises. TPO held that in view of amended provisions of section 92B brought by the Finance Act, 2012, treated the corporate guarantee as an international transaction and determined ALP of same rate of 4.86 per cent. CIT(A) deleted the addition. Tribunal remanded the matter back to the Assessing Officer for de novo adjudication. High Court held that since the matter had been remanded by the Tribunal for de novo adjudication with detailed reasoning there was no substantial question of law involved for consideration. SLP filed by the assessee was dismissed in view of observations recorded by the Tribunal. (AY. 2009-10, 2010-11)
Jubilant Pharmova Ltd v. Add.CIT (2023) 291 Taxman 439 (SC) Jubilant Pharmova Ltd v. Add.CIT (2023)458 ITR 172 / 291 Taxman 527 (SC) Editorial: Refer Jubilant Pharmova Ltd v. Add.CIT (2023) 146 taxmann.com 319 (All)(HC). Jubilant Pharmova Ltd v. Add.CIT (2023) 146 taxmann.com 222 /458 ITR 170 (All)(HC).
S. 92B : Transfer pricing-Corporate guarantee-Overseas Associated Enterprises-Matter remanded by the Tribunal-Amendment made to provisions of section 92B, by the Finance Act,2012 with retrospective effect from 1-4-2002-Order of High Court which affirmed the order of tribunal is affirmed-SLP of the assessee is dismissed [S.92C, Art. 136]