Conexant Systems Pvt.Ltd., Hyd, Hyderabad V. DCIT, Circle-1(2), , Hyderabad

MA 75/Hyd/2018

• Counselvise Citation: [2018] 122 COUNSELVISE.COM (IT) 2635 (ITAT-HYDERABAD)
• Duration Of Justice: 2 month(s) 11 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 10-10-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2011-2012
• Appeal Filed On: 30-07-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M SITHARAM
• Assessee Lawyers: ABHIROOP BHARGAV
• Keywords: Transfer pricing; Rectification of order

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH A , HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER M.A. NO . 75 /HYD/ 2018 (ARISING OUT OF ITA NO.464/H/16) ASSESSMENT YEAR: 20 11 - 12 CONEXANT SYSTEMS PRIVATE LIMITED, HYDERABAD. PAN: AAACF 2723 N VS. DCIT, CIRCLE - 1(2), HYDERABAD. (APPELLANT) (RESPONDENT) ASSESSEE BY: SHRI ABHIROOP BHARGAV REVENUE BY: M. SITHARAM, DR DATE OF HEARING: 14 .09.2018 DATE OF PRONOUNCEMENT: 10 . 10 .2018 ORDER PER SMT. P. MADHAVI DEVI, J.M.: THIS MISCELLANEOUS APPLICATION (MA) IS FILED BY THE ASSESSEE U/S 254(2) OF THE I.T. ACT, 1961 SEEKING RECTIFICATION OF MISTAKES APPARENT FROM RECORD, WHICH , ACCORDING TO THE ASSESSEE HAVE CREPT IN TO THE ORDER OF THE TRIBUNAL DATED 24.01.2018. IT IS SUBMITTED THAT THE ISSUES INVOLVED IN THE APPEAL ARE RELATING TO THE TRANSFER PRICING ISSUE AND THE ASSESSEE HAD SOUGHT EXCLUSION OF PERSISTENT SYSTEMS AND SOLUTIONS LT D., FROM THE FINAL LIST OF COMPARABL ES . IT IS SUBMITTED THAT THE TRIBUNAL , IN PARA 9 OF ITS ORDER , DIRECTED THAT PERSISTENT SYSTEMS LTD BE EXCLUDED INSTEAD OF PERSISTENT SYSTEMS AND SOLUTIONS LIMITED. THUS, ACCORDING TO HIM, THE ORDER OF THE TRIBUNAL SUFFERS FROM 2 MISTAKE APPARENT FROM RECO RD. THE LEARNED DEPARTMENTAL REPRESENTATIVE WAS ALSO HEARD. 2 . WE FIND THAT AT PAGE 3, VIDE PARA 4, THE TRIBUNAL HAS RECORDED AS UNDER: - 4. AFTER EXCLUSION B Y THE DRP, THE FOLLOWING THREE COMPARABLES ONLY SURVIVED: I. PERSISTENT SYSTEMS LTD., II. PERSISTENT SYSTEMS AND SOLUTIONS LTD., III. SASKEN COMMUNICATION TECHNOLOGIES LTD., AT PAGE 4, VIDE PARA 6, THE ARGUMENTS OF THE ASSESSEE WERE RECORDED WHEREIN THE COMPARABILITY OF PERSISTENT SYSTEMS LTD AND EVOKE TECHNOLOGIES LIMITED WERE DISCUSSED AT LENGTH AND AT P ARA 9, WE HAVE DIRECTED THAT THE TWO COMPANIES I.E., PERSISTENT SYSTEMS LTD ., AND SASKEN COMMUNICATION TECHNOLOGIES LTD ARE TO BE EXCLUDED. HOWEVER, IN PARA 10, WE DIRECTED THE A.O TO RE - WORKOUT THE ADJUSTMENT BY CONSIDERING ONLY COMPANIES I.E ., PERSISTENT SYSTEMS LTD., AND EVOKE TECHNOLOGIES PVT. LTD. 3. THUS, WE FIND THAT THERE IS A MISTAKE IN THE ORDER OF THE TRIBUNAL AT PARA 10. WE ACCORDINGLY RECTIFY THE SAME BY SUBSTITUTING THE NAME PERSISTENT SYSTEMS LTD WITH PERSISTENT SYSTEMS AND SOLUTIONS LTD . THE TRIBUNALS ORDER DATED 24.01.2018 STANDS MODIFIED ACCORDINGLY. 4 . IN THE RESULT, MA FILED BY THE ASSESSEE IS ALLOWED. PRONOUNCED IN THE OPEN COURT ON 10 TH OCTOBER , 2018. SD/ - SD/ - (S. RIFAUR RAHMAN) (P. MADHAVI DEVI) ACCOUNTANT MEMBER JUDICIAL MEMBER HYDERABAD, DATED: 10 TH OCTOBER , 2018 OKK 3 COPY TO: - 1) CONEXANT SYSTEMS PRIVATE LIMITED, 5 TH FLOOR, PIONEER TOWERS, PLOT NO.16, SURVEY NO.64/2, SOFTWARE UNITS LAYOUT, MADHAPUR, HYDERABAD. 2) DCIT, CIRCLE - 1(2), HYDEABAD. 3) DISPUTE RESOLUTION PANEL (DRP) 4) DIRECTOR OF INCOME TAX (IT & TP), HYDERABAD. 5) ADDL. CIT (TRANSFER PRICING) HYDERABAD. 6) GUARD FILE