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2021 (2) TMI 1333 - AT - Income TaxTP Adjustment - transaction of providing corporate guarantee - international transaction within the meaning of Section 92B or not? - HELD THAT:- As respectfully following our own decision in the case of EIH Ltd [2018 (1) TMI 1372 - ITAT KOLKATA] and CIT vs. Rohit Ferro Tech Ltd. [2018 (10) TMI 1845 - ITAT KOLKATA] we hold that the corporate guarantee issued by the assessee company to its fully owned subsidiary, is not an international transaction in terms of Section 92B of the Act. Consequently,The adjustment made u/s 92CA of the Act is hereby deleted and this ground of the assessee is allowed. Deduction of education cess - HELD THAT:- Issue covered in favour of the assessee by the decision of Chambal Fertilizers and Chemicals Ltd [2018 (10) TMI 589 - RAJASTHAN HIGH COURT] - The Hon’ble Bombay High Court in the case of Sesa Goa Ltd. vs. JCIT [2020 (3) TMI 347 - BOMBAY HIGH COURT] held that education cess cannot be disallowed by invoking Section 40(a)(ii) of the Act. Both the Hon’ble High Courts have elaborately discussed this issue, in their judgments. Entitled to refund on dividend distribution tax (DDT) paid @ 16.22% u/s. 115-O - HELD THAT:- As relying on Devrient [India] Pvt. Ltd. [2020 (10) TMI 750 - ITAT DELHI] we restore the entire issue to the file of the Assessing Officer with a direction that the claim of the assessee may be examined de novo. The assessee is directed to furnish all the necessary details in support of its claim. This ground of the assessee is allowed for statistical purposes.
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