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2021 (8) TMI 201 - AT - Income TaxRectification u/s 254 - HELD THAT:- It is the basic principle of jurisprudence that if any mistake is committed by the tribunal, it needs to be rectified as no one should suffer on account of the mistake committed by the court. Even the rules of procedures and technicalities should not come in the way in rendering justice to the parties by correcting the mistake committed by the tribunal. In the instant case the ITAT has wrongly assumed that the reference to the TPO by the AO for deciding the arm length price with respect to the international transactions was not valid as the quantum involved was less than ₹15 crores. This assumption of the ITAT was based on the statement made by the assessee. The mistake committed by the learned counsel for the assessee was also admitted at the time of hearing. As important to note that the learned DR also at the time of hearing has not controverted the proposition canvassed by the learned AR for the assessee. Rather the learned DR was agreed to the proposition suggested by the AR at the time of hearing. It is not material how the mistake was committed by the tribunal. What is material is the mistake committed by the tribunal in deciding the issue on hand, though on the wrong statement of the learned counsel for the assessee. Tribunal has wrongly assumed the fact that the AO has accidentally referred the matter to the TPO for the determination of arm length price whereas there was no such reference made by the AO. The wrong assumption of facts which are crucial to decide the issue, will constitute mistake apparent from record. We recall the ground No. 1 raised by the Revenue for fresh adjudication as per the provisions of law. The appeal may be listed for hearing on 26 July 2021. As the date of hearing has been pronounced in the open court, there is no need to send separate notice of hearing to either party.
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