TMI Blog2024 (3) TMI 110X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 Apri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , which is an undisputed fact. 3. The Transfer Pricing Officer ( TPO ), while accepting the DCF method, towards the value of the bundle of sports rights primarily made only 2 adjustments disregarding terminal value and comparing actual figures with projections. Before the Dispute Resolution Panel ( DRP ) petitioner filed two expert opinions on the approach by the TPO and one additional valuation report. The DRP remanded the valuation and expert opinions to the TPO for his comments, and after multiple remands, the TPO filed multiple remand reports. The DRP upheld the addition by the TPO on the 2 adjustments made in the DCF valuation. Consequently, petitioner filed an appeal before the Income Tax Appellate Tribunal ( Tribunal ). 4. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of the materials before Commissioner of Income Tax (Appeals) and the Respondent No. 2. It has failed to take note of the report submitted to the Commissioner by the Assessing Officer after remand of the case to him. In fact, the petitioner's case was that there was enough material on record enabling the Tribunal to decide the issues raised. For the assessment year 1998-99, the evidence was filed before the Commissioner of Income Tax (Appeals) and in relation to assessment year 1999-2000 to 2004-05, the evidence was filed in several box files before the Deputy Commissioner of Income Tax (Respondent No. 2). In such circumstances, we are of the opinion that the Tribunal should have corrected this obvious mistake and error and recalled t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reed with petitioner s contention that it was not a fit case for remitting the case for a fresh valuation exercise and the matter ought to be decided on merits by the Tribunal itself and in accordance with judicial propriety dissented from the earlier decision but referred the matter to the Special Bench which we are informed has not remanded the matter to the TPO. 8. Our attention was also drawn to an order of this Court in the case of Sony Pictures Networks India Pvt Ltd v. Income-Tax Appellate Tribunal, Mumbai Ors. Order dated 3rd January 2019 passed in Writ Petition No. 3508 of 2018 wherein on similar facts of remand to the TPO, this Court in paragraphs 8, 9 10 held as under: 8. Thereafter, by the impugned order dated 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for both the Revenue and the assessee. This observation of ours with regard to conduct of the Tribunal finds support in the decision of this Court in Coca-Cola India (P) Ltd Vs. Assistant Registrar representing Income Tax Appellate Tribunal, [2014] 368 ITR 487. The reliance upon an observation in the decision of this Court in Ramesh Electrical (supra) (without consideration of the context) to conclude that in every case, where a submission / argument is not considered, rectification will not be the remedy available. The Tribunal ignored the fact that the above observation of this Court in Ramesh Electrical (supra) was on the basis that for a rectification application to be maintainable, the mistake should be apparent from the record. In thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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