Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (9) TMI 1088 - AT - Income TaxTPA - ALP determination - comparable selection criteria - Held that:- Companies not suitable to be compared with a captive contract software developer like the assessee need to deselected rom final list of comparable. Treatment of forex adjustment - revenue or capital expense - Held that:- Since the issue is no longer res Integra while respectfully following the binding decision of the Special bench in the case of Prakash Shah [2008 (8) TMI 387 - ITAT BOMBAY-K] and other decisions, we hold that the foreign exchange loss or gain arising out of the transaction of revenue nature has to be considered as part of operating profit/cost. We, therefore, set aside the impugned order and remit the matter to the file of AO/TPO for reconsideration of the ALP afresh Adjustment on account of advance billing - Held that:- As decided in assessee's own case for Asstt. Year 2008-09 issue to be decided in favour of assessee. Adjustment on account of business promotion and conference - Held that:- These business promotion expenses were incurred wholly and exclusively for the purpose of business and were necessitated in view of commercial expediency and are earned year after year. Hence, it is correctly prayed that the same may be allowed as business expenses u/s 37 of the Act - Decided in favour of assessee.
|