2019 (9) TMI 1311 - AT - Income Tax

Rectification of mistake - comparable company named I2T2 India Ltd been erroneously mentioned as T2T2 India Ltd - HELD THAT - It is pointed out that the name of company has been wrongly mentioned as T2T2 India Ltd instead of I2T2 India Ltd . Accordingly we direct that the name of the company mentioned as T2T2 India Ltd wherever it occurs in paragraph 11 and 12 of the impugned order shall be substituted by the name I2T2 India Ltd . Miscellaneous application of the assessee is allowed.

Summary

Issues:
1. Mistakes apparent from the record in the order dated 28-05-2019 passed in IT (TP) A No.3122/Bang/2018 for assessment year 2014-15.
2. Non-adjudication of the comparable company named "L & T Infotech Ltd."
3. Erroneous mention of the name of the company "I2T2 India Ltd" as "T2T2 India Ltd."

Analysis:

1. The assessee filed a miscellaneous application citing mistakes in the order passed for the assessment year 2014-15. The issue pertained to Transfer Pricing adjustments made by the AO/TPO. The assessee contended that there were errors in the order related to the exclusion of certain comparable companies and the inclusion of others. The Ld A.R argued that the Tribunal failed to adjudicate on the exclusion of "L & T Infotech Ltd" and incorrectly mentioned "T2T2 India Ltd" instead of "I2T2 India Ltd."

2. The Ld A.R presented detailed reasons for excluding "L & T Infotech Ltd" and referenced decisions from previous cases to support the exclusion. The Tribunal acknowledged the merit in the petition and inserted a paragraph in the order to address the issue of excluding "L & T Infotech Ltd." The Tribunal directed the exclusion of the company based on the arguments presented by the Ld A.R and the precedents set by coordinate benches in previous cases.

3. Regarding the erroneous mention of "T2T2 India Ltd" instead of "I2T2 India Ltd," the Tribunal recognized the mistake and directed the correction of the company's name wherever it appeared in the order. The Tribunal allowed the miscellaneous application of the assessee, thereby rectifying the errors pointed out in the order.

In conclusion, the Tribunal addressed the mistakes apparent from the record in the order, rectified the non-adjudication of "L & T Infotech Ltd," and corrected the erroneous mention of the company "I2T2 India Ltd." The decision was pronounced in the Open Court on 27th September 2019.