No section 92CA(3) Adjustment for Corporate Guarantees

DCIT Vs Gujarat NRE Coke Ltd (ITAT Kolkata)

The issue under consideration is whether the deletion of adjustment made u/s 92CA(3) of the Act on account of interest on loan and on account of corporate guarantees is justified in law?

ITAT states that, the TP Provisions do not apply to the transactions of providing corporate guarantee prior to the amendment brought in by way of an explanation to Section 92B of the Act, by Finance Act, 2012. Further at page 45 he held that the methodology applied by the TP

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