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2020 (3) TMI 1138 - AT - Income TaxCorporate tax adjustment pursuant to denial of deduction u/s 10B - assessee had been claiming deduction u/s 80HHE of the Act upto to Assessment Year 1998-99 i.e. upto the 7th year from the establishment of the company - HELD THAT:- As decided in own case [2014 (4) TMI 929 - ITAT DELHI] and [2014 (1) TMI 1637 - ITAT DELHI] Assessing Officer ignored this fact that the assessee's 100% EOU was established in AY 1997- 98 related to AY 1998-99. AO denied exemption on surmises and conjectures by taking hyper technical approach. Since the assessee was entitled to exemption u/s 10B of the Act, then the period cannot be said to be exhausted in the year under consideration, hence we uphold the findings of the Commissioner of Income Tax(A) in the impugned order. Accordingly, ground no.2 of the revenue is dismissed. Transfer Pricing adjustments - Comparable selection - HELD THAT:- Appellant company was established as a back-end software services company and works mainly for its parent Infogain, USA. The appellant company is also registered under the STP Scheme and has been claiming tax u/s 10B of the Act, thus companies functionally dissimilar with that of assessee need to be deselected from final list.
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