Money advanced to AE for an offshore acquisition - TP benchmarking whether possible?

Facts :

Assessee had issued FCCB (Foreign Currency Convertible Bonds) which was advanced to its offshore SPV subsidiary to participate in an Egyptian Bid. The bid failed and the amount got refunded. Stand of the revenue was the said advance needs to be benchmarked akin to a normal loan given by an Indian corporate to its offshore SPV AE at prevailing then market rate of LIBOR + 200 bp. Accordingly TPO made additions to income. Assessee's stand was this was a unique one off transaction and needs to be kept out of normal TP benchmarking process. DRP voiced views of AO. On higher appeal by the assessee to ITAT -

Held in favour of the assessee that the transaction is one off and unique and the advance given to its SPV AE for offshore bid/acquisition cannot be treated like any other loan transaction. The transaction itself is its CUP or arm's length and thus does not need any ALP additions or benchmarking as well.

Applied :Bennett Coleman and Co. Ltd v. DCIT 2021 TaxPub(DT) 4900 (Mum-Trib)

Ed. Note : In the Bennett Coleman case the offshore acquisition was successful and in this case the offshore bid did not succeed - this fine distinction needs to be noted.

Case: Tata Chemicals Ltd. v. Dy. CIT 2023 TaxPub(DT) 2284 (Mum-Trib)