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2016 (10) TMI 1190 - AT - Income TaxTransfer Pricing Adjustment - selection of comparables - Held that:- Assessee group affiliates with engineering and software development services, thus companies functionally dissimilar with that of assessee need to be deselected from final list. Disallowance of the loss of foreign exchange fluctuation on advance to holding company and Export Earner Foreign Company Account (EEFCA) - assessee has failed to furnish the necessary details and supporting evidence to show that the loss is revenue in nature - Held that:- Though the assessee has contended that the amounts are revenue receivables and therefore loss is also an allowable loss however we find that the necessary details and supporting evidence has not been produced by the assessee. Accordingly, in the facts and circumstances of the case as well as in the interest of justice the assessee is granted one more opportunity to produce the necessary details and supporting evidence before the Assessing Officer. Hence this issue is set aside to the record of the Assessing Officer for verification Non-deduction of tax under Section 40(a)(ia) - disallowance of provision for legal and professional charges and trade charges - Held that:- As the assessee has not pointed out any error or illegality in the orders of the authorities below. Further no contrary fact has been brought to our notice to show that the finding of the Assessing Officer is perverse or illegal or not tenable. Accordingly in the absence of any facts or submissions to substantiate the claim of the assessee, we do not find any error or illegality in the orders of the authorities below Short grant of credit for advance tax - Held that:- The assessee has pointed out that the advance tax is ₹ 77 lakhs whereas the Assessing Officer has granted the credit on account of advance tax only to the extent of ₹ 72,19,408 for the assessment year under consideration. Since this is purely a matter of verification of facts and therefore no dispute of decision is involved. Accordingly, we direct the Assessing Officer to verify the correct advance tax available for credit and then consider the plea of the assessee for granting of credit for advance tax.
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