2021 (9) TMI 844

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....) For the Applicant : Shri Madhur 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 counse....

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....availability of surplus funds in the context of 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....

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.... under section 14A r.w.r. 8D while computing book 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/disal....

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.... made on account of provision of corporate guarantee. 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 restr....