Scope of Rectification u/s 254 - Power of ITAT - valuation of a ...

High Court Orders Tribunal to Reevaluate Sports Rights Valuation, Citing Oversight of Key Issues and Need for Detailed Review.

March 2, 2024

Case Laws Income Tax HC

Scope of Rectification u/s 254 - Power of ITAT - valuation of a bundle of sports rights purchased by the petitioner - Despite detailed expert opinions and submissions by the petitioner, the Tribunal opted for a blanket remand to the TPO for fresh valuation, without addressing key issues raised by the petitioner. - The High Court referenced previous judgments, emphasizing the duty of the Tribunal to consider all factual and legal issues before remanding cases. - The Court highlighted the mistake apparent from the record, emphasizing that the Tribunal's failure to address fundamental submissions made by the petitioner warranted rectification of the order. - Matter restored back before the Tribunal.

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Scope of Rectification u/s 254 - Power of ITAT - valuation of a ...

High Court Orders Tribunal to Reevaluate Sports Rights Valuation, Citing Oversight of Key Issues and Need for Detailed Review.

March 2, 2024

Case Laws Income Tax HC

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