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TMI Blog2021 (9) TMI 844X X X X Extracts X X X X X X X X Extracts X X X X ..... ur Aggarwal, AR For the Respondent : Smt Usha Gaikwad , Sr DR ORDER PER : SAKTIJIT DEY (JM): By filing the aforesaid application under section 254(2) of the Income Tax Act, 1961, the assessee has sought rectification of certain mistakes in the order dated 27-05-2020 passed in ITA No.850/Mum/2015. 2. We have heard Shri Madhur Aggarwal, learned counsel appearing for the assessee and Smt Usha Ga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disallowance of interest expenditure u/r 8D(2)(ii), the Tribunal clearly observed that in case surplus fund was available, no disallowance of interest expenditure can be made. Therefore, the Tribunal had directed the assessing officer to verify the availability of surplus interest free funds and delete the disallowance made u/r 8D(2)(ii). While doing so, the Tribunal has specifically observed that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profit under section 115JB of the Act. 6. On a careful reading of paragraph 54 of appellate order, it is very much clear that the Tribunal, though, has agreed with the legal principle enunciated in the case of ACIT vs Vireet Investments P Ltd 82 taxmann.com 415 that, while computing book profit under section 115JB of the Act, no adjustment/disallowance can be made with reference to section 14A r. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is the submission of the learned counsel for the assesee that in ground VIII, the assessee had specifically raised the issue that provision of corporate guarantee to the AE will not come within the ambit of international transaction. Without prejudice, the assessee had contended that arm's length price of guarantee commission should be restricted to 0.5%. He submitted, while restricting the arm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hus, it has to be presumed that assessee's contention that provision of corporate guarantee is not an international transaction was deemed to have been rejected and the Tribunal proceeded on the footing that it is an international transaction. Thus, in view of our observation above, there is no need for any rectification / recall of the earlier order of the Tribunal. 9. In the result, miscellaneo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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