https://www.taxtmi.com/caselaws?id=450329 The Bombay HC allowed a petition challenging the ITAT's refusal to rectify its order regarding valuation of sports rights. The ITAT had remanded the matter to TPO without adjudicating issues like terminal value, CUP method availability, and comparison of actual figures with projections, despite recording the petitioner's submissions. The HC held that non-consideration of basic submissions recorded during hearing constituted a mistake apparent from record. Following precedents in Coca-Cola India and Sony Pictures Networks cases, the HC found that remanding without deciding ripe issues caused unnecessary litigation and uncertainty. The ITAT's rectification refusal was set aside, and the appeal was restored to the Tribunal for fresh disposal. en-us Wed, 28 Feb 2024 00:00:00 +0530 Sat, 02 Mar 2024 11:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450329 The Bombay HC allowed a petition challenging the ITAT's refusal to rectify its order regarding valuation of sports rights. The ITAT had remanded the matter to TPO without adjudicating issues like terminal value, CUP method availability, and comparison of actual figures with projections, despite recording the petitioner's submissions. The HC held that non-consideration of basic submissions recorded during hearing constituted a mistake apparent from record. Following precedents in Coca-Cola India and Sony Pictures Networks cases, the HC found that remanding without deciding ripe issues caused unnecessary litigation and uncertainty. The ITAT's rectification refusal was set aside, and the appeal was restored to the Tribunal for fresh disposal. Case-Laws Income Tax Wed, 28 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450329