Arm’s length price in case of interest on extended credit period granted to an Associated Enterprise shall be determined on the basis of USD LIBOR and not on any other currency denominated loan rate

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI E BENCH, MUMBAI ITA No. 1176/Mum/2010 Assessment year: 2004-05 Deputy Commissioner of Income Tax Vs. Tech Mahindra Limited O R D E R Per Pramod Kumar : 1. This appeal, filed by the Assessing Officer, is directed against the order dated 8th December 2009, passed by the Commissioner (Appeals), in the matter of assessment under section 143 (3) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’), for the assessment year 2004- 05. 2. Ground No. 1 is general in nature and does not, as such, call for any specific adjudi...