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2024 (3) TMI 110 - HC - Income TaxScope of Rectification u/s 254 - Power of ITAT - valuation of a bundle of sports rights purchased by the petitioner - As per assessee order dated 25th November 2021 of the Tribunal passed u/s 254(1) did not deal with issues such as terminal value, comparing actual figures with projections, availability of CUP method, department’s own action of use of terminal value in another transaction during the AY 2009-10, etc. even after recording petitioner's submission, petitioner filed a rectification application - Tribunal held that it is not a mistake apparent from the record and non adjudication of various grounds would not justify the review - HELD THAT:- As held by this Court, in Coca-Cola India (P.) Ltd. [2014 (11) TMI 798 - BOMBAY HIGH COURT] and Sony Pictures Networks India Pvt Ltd. [2019 (1) TMI 606 - BOMBAY HIGH COURT], by not dealing with an issue which is otherwise ripe for consideration and instead remanding to the TPO, the Tribunal has ensured further litigation and continued uncertainty for both the revenue and petitioner. In addition, non-consideration of the above basic submissions made at the hearing as recorded, is clearly a mistake apparent from the record. The Tribunal ought to have allowed the rectification application dated 21st April 2022 and recalled the order dated 25th November 2021 in respect of issues raised in the rectification application for adjudication accordingly. Therefore, we allow the petition and also set aside the order under Section 254(1) of the Act by the Tribunal in respect of issues raised in the rectification application. The appeal is restored to the Tribunal for fresh disposal in accordance with law.
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