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TMI Blog2021 (2) TMI 1012X X X X Extracts X X X X X X X X Extracts X X X X ..... sed of by the Hon'ble Income-tax Appellate Tribunal ("the Tribunal"), "K" Bench, Mumbai vide order dated 27.05.2020 for the Assessment Year 2011-2012 (hereinafter referred to as "the Order"). 2. The Applicant, with due respect to the Hon'ble Bench, submits that there are certain mistakes apparent in the Order and therefore the Order of the Tribunal may be rectified and necessary order may be passed. 3. The Applicant is a company registered under the Companies Act, 1956 and had issued various corporate guarantees on behalf of its subsidiaries for the facilities obtained by them. The details of corporate guarantee issued by the Applicant on behalf of its Associated 4. Enterprises (hereinafter referred to as "AE") are as under: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e machinery/equipment on lease and can recover the rental outstanding & due from the Applicant. Name of the Borrower Name of the FI Guarantee Amt (Rs) Loan o/s as on 31.03.2011 Essel Propack America LLC ("EP USA") De Lage Lande Financial Services 38,79,76,500 5,07,24,262 Arista Tubes INC, USA De Lage Lande Financial Services 37,90,57,500 5,48,29,472 Arista Tubes Limited UK GE Capital 16,09,43,355 16,09,43,355 In the case of EP USA above, the Applicant has charged a guarantee commission of 1%, while in other cases the Applicant has not charged any guarantee commission. 5. The Transfer Pricing Officer (hereinafter referred to as "the TPO"), vide order dated 27th January, 2015 under section 92CA(3) of the Act, inter alia pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le directing the AO/TPO to recompute the amount of guarantee commission has committed an inadvertent error. The relevant extract of Para 12 of the Order is as under. "12. For rest of the guarantee commissions, before us, the Id AR for the assessee made two fold submissions; i.e. in first set of submissions the Id AR submits that extending corporate guarantee is not an international transaction and that the provisions of Chapter X is not applicable and buttress his submissions on the basis of decision of Tribunal in case of Marico Ltd Vs ACIT (supra) and Bombay Dying and Manufacturing Co Ltd (supra). This submission of the Id. AR for the assessee is not acceptable to us, as there is numerous contrary decision of Tribunal on the issue. Ot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prays that the Hon'ble Tribunal may be pleased to : a. Rectify the mistake apparent on record of order dated 27.05.020 and grant the relief prayed for in the appeal by passing appropriate order; b. Any other relief, which the Hon'ble Bench deems fit and proper considering the facts of the applicant." 2. We have heard both the counsel and perused the records. Upon careful consideration we agree that a mistake has crept into the order of the Tribunal. Hence, we direct that at page No. 14 in paragraph No. 12, line No. 16 & 17 the sentence "in additions to the commissions already charged by the assessee" is corrected as "in case the commission already charged by the assessee is less than 0.5%". 3. In the result, Miscellaneous Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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