I graduated from the University of Mumbai as a Computer Engineer in 2016 and in my opinion : I couldn’t find any difference between the both.
- The subjects are just renamed and shuffled, IT has the same subjects in the next semester, that Comps has in the previous semester and vice versa.
- The syllabus is almost the same, with some minor adjustments done according to the change in the subject’s name.
- As for placements, all companies offered openings for Comps and IT students. There was no discrimination or distinction of any kind.
From what I have heard, the IT branch was introduced in the early 2000s (during the software boom) to satisfy the high demand for computer engineering courses.
P.S: All the points mentioned in my answer are based on my experience as a student of the University of Mumbai. Other universities might be having some differences, though the chances seem less to me.