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2018 (1) TMI 1453 - DELHI HIGH COURTTP Adjustment - selection of comparable - HELD THAT:- As far as the Revenue’s grievance with respect to the exclusion of two comparables i.e. Tata Elxsi Limited and Thirdware Solutions, is concerned, the Court is of the opinion that so far as these two comparables are concerned, the findings with respect to functional similarity of these entities vis-a-vis the assessee are borne out from the record. Inclusion of SIP Technologies and Export Limited as a comparable is concerned, the approach adopted by the ITAT – of ignoring the low margin, is in consonance with this Court’s judgment. However, with respect to the exclusion of two other comparables, the Court is of the opinion that a question of law arise. Treatment of forex gain/loss - HELD THAT:- This Court has ruled against the Revenue holding that the forex gain/loss cannot be treated as a part of income and made the subject matter of adjustment, in the cases of Principal Commissioner of Income Tax v. Cashedge India Pvt. Ltd.[2016 (5) TMI 1348 - DELHI HIGH COURT] as well as Principal Commissioner of Income Tax v. B.C. Management Services Pvt. Limited [2017 (12) TMI 255 - DELHI HIGH COURT] Appeal Admitted on:- (1) Did the ITAT fall into error in excluding the Tata Consultancy Services Limited (TCS) and Infosys Technologies Limited from the list of comparables having regard to the previous decisions of this Court?”
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