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Rectification of a mistake apparent from the record u/s 154 of the Income Tax Act. The assessee had provided specific details and facts regarding the nature of alleged Advertisement, Marketing, and Promotion (AMP) expenses before the Transfer Pricing Officer (TPO) and during the personal hearing before the Dispute Resolution Panel (DRP), which were not considered while passing the order. The High Court held that if an order is passed without considering the materials on record, and subsequently brought to the attention of the Income Tax Authority u/s 154, it is open for the Authority to rectify such a mistake. The DRP, after considering the previously unconsidered materials, concluded that trade discounts, warranty expenses, and packing expenses should be excluded from AMP expenses for transfer pricing comparison. The Appellate Tribunal affirmed the DRP's jurisdiction u/s 154 to rectify the mistake, as it constituted a non-consideration of material on record. The decision was in favor of the assessee.
Rectification of a mistake apparent from the record u/s 154 of the Income Tax Act. The assessee had provided specific details and facts regarding the nature of alleged Advertisement, Marketing, and Promotion (AMP) expenses before the Transfer Pricing Officer (TPO) and during the personal hearing before the Dispute Resolution Panel (DRP), which were not considered while passing the order. The High Court held that if an order is passed without considering the materials on record, and subsequently brought to the attention of the Income Tax Authority u/s 154, it is open for the Authority to rectify such a mistake. The DRP, after considering the previously unconsidered materials, concluded that trade discounts, warranty expenses, and packing expenses should be excluded from AMP expenses for transfer pricing comparison. The Appellate Tribunal affirmed the DRP's jurisdiction u/s 154 to rectify the mistake, as it constituted a non-consideration of material on record. The decision was in favor of the assessee.
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