ITAT uphold upward adjustment towards guarantee fee  in favor of bank with respect of transaction carried out by AE’s [Read Order]

The Ahmedabad  bench Income Tax Appellate Tribunal (ITAT) confirmed the upward adjustment made towards the guarantee fee in favor of the bank with respect to transactions carried out by Associate Enterprise. The Assessee  Intas Pharmaceuticals Ltd.is having international transactions with its Associated Enterprises. The assessee  gave corporate guarantee in favor of CitiBank in respect of…