Income Tax Appellate Tribunal - Hyderabad
Conexant Systems Pvt.Ltd., Hyd, ... vs Dcit, Circle-1(2), , Hyderabad on 10 October, 2018
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: 2011-12
Conexant Systems Vs. DCIT,
Private Limited, Circle-1(2),
Hyderabad. Hyderabad.
PAN: AAACF 2723 N
(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 into 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 comparables. 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 record. The Learned Departmental Representative was also heard.
2. We find that at page 3, vide para 4, the Tribunal has recorded as under:-
"4. Af ter exclusion by 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 para 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 Tribunal's 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