TP adjustment of bareboat charter hire fees deleted as benchmarking approach already accepted in earlier year

SP Armada Oil Exploration Private Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai held that transfer pricing adjustment in relation to international transaction of payment of bareboat charter hire fees is directed to be deleted since benchmarking approach of assessee is already accepted by DRP in earlier years. Facts- The assessee was awarded the contract by Oil and Natural Gas Corporation Ltd for supplying a Floating Production Storage and Offloading vessel and providing, inter alia, Operations and Maintenance services to ONGC for a period of 9 years. As the assessee did not own any FPSO vessel, n...