ITAT Quashes ₹16.48 Cr TP Adjustment on Negative Lien vs. Guarantee

JOGPL Pvt. Ltd Vs DCIT (ITAT Delhi)

ITAT: Holds negative lien, on receivables and participating interest on oil-&-gas blocks, not corporate guarantee

Facts:

• JOGPL Pvt. Ltd. (“the assessee”) is an Indian company engaged in oil and gas exploration and production. It is a wholly owned subsidiary of JEE Energy Ventures Pvt. Ltd. (“JEEVPL”), a holding company that, along with its group entities, is engaged in a wide range of energy and natural resources businesses across India and abroad.
• During the relevant asse

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