Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (11) TMI 385 - AT - Income TaxTPA - Comparable selection - onsite filter application - Held that:- We restore back the entire TP matter to the DRP for fresh decision with the direction that onsite filter should be applied to all comparables. Whatever comparables are found after applying that filter along with the other filters which were already applied by TPO in the first round, the final list of comparables should be drawn after deciding other objections if any such as functional similarity / dissimilarity etc. The DRP should pass necessary order as per law in the light of above discussion after providing adequate opportunity of being heard to both sides and if required DRP can obtain remand report from the AO/TPO in this regard. Deduction u/s 10A - whether the total turnover can also be reduced by the amount of expenditure which were incurred in foreign currency and which were reduced by the AO from export turnover? - Held that:- As per the judgement of Hon'ble Karnataka High Court rendered in the case of CIT Vs. Tata Elxsi Ltd. [2011 (8) TMI 782 - KARNATAKA HIGH COURT], it was held that total turnover is sum total of export turnover and domestic turnover and therefore, if an amount is reduced from export turnover then the total turnover also goes down by the same amount automatically. Since the directions of DRP on this issue is in line with this decision of Hon'ble Karnataka High Court, we decline to interfere in the directions of DRP on this issue. This issue is decided against the revenue and these grounds of revenue’s appeal are rejected.
|