Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (8) TMI 834 - AT - Income TaxRectification of mistake - TP Adjustment - comparable selection - AR submitted that there is a mistake apparent from the record in the order of Hon'ble Tribunal in respect of Ground of appeal No.3, where the assessee sought inclusion of 7 companies in the list of comparable for ITES segment - As submitted that the tribunal has fell into error in not considering the decision rendered by co-ordinate bench and the same constitute mistake apparent from record - HELD THAT:- We find merit in the submissions of ld. AR. Non-consideration of decision of co-ordinate bench cited before the tribunal is a mistake apparent from record in the case of Honda Siel Power Products Ltd. [2007 (11) TMI 8 - SUPREME COURT]. Accordingly, the Ground 3(l) in so far as it is related to I2T2 India Limited deserves to be recalled. Ground of appeal No.4C pertains to erroneous computation of TP Adjustment of ITES segment by TPO taking into account both domestic and international transactions. The Ground of appeal No.4D pertains to foreign exchange gains arising from the provision of services in ITES segment, and was correctly remanded to the file of TPO. But the working capital adjustment referred in line 3 Para 10 above does not pertain to the above grounds and has to be excluded and whereas TP adjustment in non-AE transactions relates to ground of appeal no 4D and prayed for modification of Para in the order. We found the mistake pointed out by LdAr is a mistake apparent on record, accordingly we substitute the Para 10 of the order. Ld. AO/Ld. TPO erred in law in erroneously not granting complete credit for advance tax and self-assessment tax paid by the Appellant, as claimed in the return of income AO/Ld. TPO erred in law in erroneously not granting credit for Minimum Alternate Tax (MAT), as claimed in the return of income under section 115JAA of the Act. We found that there are no observations of the tribunal on these two grounds of appeal and there is a mistake apparent on record. Accordingly, we recall the impugned order of the Tribunal for limited purpose to adjudicate these grounds of appeal. Accordingly, Ground No.3(l), 8 & 9 are recalled
|