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Showing contexts for: fii in Bofa Securities India Limited ... vs Acit Rg 4(1), Mumbai on 30 January, 2025Matching Fragments
2. Incorrect amount mentioned for the volume of trades with non-AE FIIs for CH/ Non-DVP trades in paragraph 15 on page 13 of the order Paragraph 15 on page 13 of the order inadvertently states that the volume of trades with non- AE FIIs is INR 2,7774 crores (highlighted as A2 in the order enclosed as Annexure 1) The Applicant humbly requests your Honor to replace the amount with INR 2,774 crores (as can be seen in the table in paragraph 13 on page 11 of the order - relevant amount highlighted as B2 in the order enclosed as Annexure 1)
(i) Weighted average 42 Bps (0.42%)
rate of brokerage of
all third party FIIs
(ii) Less: Marketing 6 Bps (0.06%)
adjustment as
allowed by the Id.
CIT(A))
(iii) Adjusted weighted 36 Bps (0.36%) average brokerage for all third party FIIS
(iv) Weighted average 36 Bps (0.36%) rate of brokerage charged to MLI & MLCME
(v) ALP determination NIL Consequently, even paragraph 21 will be replaced with the language. "Thus, we hold that no adjustment is made"
In view of the above, the Applicant humbly requests your Honor to replace the words by sixth with 'than the'.
2. On perusal of the records and the Tribunal order, we agree that there are certain typographical mistakes while noting down the figures and same is rectified as under:-
(i) Rs.11,22,376/- shall be read as 7,11,22,376/-
(ii) In para 15 of page 13 wherein it has been stated that volume of trades with non-AE FIIs is Rs.2,7774 Crores MA Nos.168 & 169/Mum/2024 Bofa Securities India Limited which should be read as Rs.2,774/- Crores and accordingly, the same is rectified and the figure corrected is Rs.2,774/- Crores.
In order to iron out the differences in functional profile and volume of business to some extent, where CUP method is proposed to be applied for benchmarking the transaction, on a without prejudice basis, the rates charged to Top 10 third party institutional clients may be used a comparable Alternatively, it was urged that where your Honors propose to consider third party FIIs as comparable, the rates charged to Top 10 third party FIIs may be considered.
In view of the above arguments, the Hon'ble ITAT had requested the assessee to submit two additional data points, namely: