2018 (7) TMI 2352 - AT - Income Tax

TP Adjustment - comparability of the company M/s.Megasoft in the software segment - Miscellaneous Petition filed by the assessee-company stating that this Tribunal, while passing the impugned order had failed to adjudicate the argument of the assessee made during the course of hearing of appeal by case of M/s.Megasoft Ltd. comparable company, the margin of the company should be adopted by adopting the segmental information. HELD THAT - We had gone through the contents of the MP filed by the assessee-company and also perused the chart filed during the course of hearing of the appeal. On mere perusal of the impugned order, it is clear that there is no discussion in the order as to the argument advanced by the learned counsel as to correctness of the margin of the comparable entity M/s.Megasoft Ltd., We also note that no specific ground of appeal is raised in the appeal. We are of the considered opinion that in the interest of justice the appeal may be recalled for the limited purpose of adjudicating the argument advanced on behalf of the assessee-company on the issue of correction of margin of the company M/s.Megasoft Ltd.. MP is allowed in the above lines.

Summary

The Appellate Tribunal ITAT Bengaluru allowed the Miscellaneous Petition filed by the assessee-company, stating that the Tribunal failed to adjudicate the argument regarding the margin of a comparable company during the appeal hearing. The appeal was recalled for further consideration. (Case Citation: TMI)