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TMI Blog2020 (12) TMI 844X X X X Extracts X X X X X X X X Extracts X X X X ..... ate of LIBOR + 500 basis point, the Tribunal has directed the A.O. to adopt 12 months LIBOR + 300 basis point. Non-acceptance of the plea of the assessee does not amount to a mistake apparent from record. There should not be any dispute that the scope of power of rectification of mistake given to the Tribunal u/s 254(2) of the Act is limited and it is well settled proposition of law that the Tribunal is not entitled to review its order under the garb of rectification of mistake apparent from record. The decision taken by the Tribunal in respect of the rate of interest to be adopted is a conscious decision taken by the Tribunal. Since the Tribunal has taken a view on this matter, the same does not constitute mistake apparent from record w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a plea cannot be made in the miscellaneous petition filed u/s 254(2) of the Act. Accordingly, we do not find any mistake apparent from record in respect of this issue as alleged by the assessee. Disallowance of deduction claimed by the assessee u/s 35(1)(i) - Tribunal has restored the issue relating to deduction u/s 35(1)(i) of the Act to the file of the A.O. for examining it afresh in the light of decision rendered by the coordinate bench [ 2015 (3) TMI 535 - ITAT BANGALORE] relating to assessment year 2008-09, meaning thereby, the A.O. is required to follow the decision rendered by the coordinate bench (referred above), if there is parity of facts on this issue. Thus, we notice that the Tribunal has taken a view on this matter also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal has taken a view on this issue i.e. as against the DRP s direction to adopt interest rate of LIBOR + 500 basis point, the Tribunal has directed the A.O. to adopt 12 months LIBOR + 300 basis point. Non-acceptance of the plea of the assessee does not amount to a mistake apparent from record. There should not be any dispute that the scope of power of rectification of mistake given to the Tribunal u/s 254(2) of the Act is limited and it is well settled proposition of law that the Tribunal is not entitled to review its order under the garb of rectification of mistake apparent from record. The decision taken by the Tribunal in respect of the rate of interest to be adopted is a conscious decision taken by the Tribunal. Since the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad challenged the disallowance made by the A.O. u/s 35(2AB) of the Act by filing the writ petition before Hon ble Karnataka High Court. It was submitted that the Hon'ble Karnataka High Court, vide its order passed in writ petition No.7004/2014, has quashed the assessment order to the extent of disallowance made u/s 35(2AB) of the Act. When these facts were brought to the notice of the ITAT, the Tribunal has restored this issue to the file of the A.O. with a direction to examine the issue afresh in the light of orders passed by Hon ble Karnataka High Court. 10. It is the plea of the assessee that the Tribunal has committed an error in remanding the issue to the file of A.O. for fresh examination. According to the assessee, the Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of the assessee that this issue has already been decided in favour of the assessee by the coordinate bench in its order passed for assessment year 2002-03, which has already been upheld by Hon ble High Court and Hon ble Supreme Court. It is further stated that the above said decision is being followed consistently in other years also. However, the Tribunal has restored the issue to the file of the assessing officer for examining it afresh in the light of orders passed by the Hon ble Karnataka High Court and co-ordinate benches. 13. It is the plea of the assessee that the Tribunal has committed a mistake apparent from record in remitting the issue to the file of the A.O. 14. We heard the parties on this issue and perused the recor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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