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2015 (10) TMI 2180 - ITAT BANGALORE

2015 (10) TMI 2180 - ITAT BANGALORE - TMI - Computation of deduction u/s.10A without setting off the losses of units on which 10A has not been claimed as directed by CIT(A) - Held that:- CIT (A) had followed the jurisdictional High Court judgment in the case of CIT v. Yokogawa India Ltd [2011 (8) TMI 845 - Karnataka High Court]. Revenue's decision to move an appeal before Hon'ble Apex Court against this judgment will not be a reason not to follow this judgment. Similarly acceptance of a judgment .....

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r relevant previous years were available in public domain, it could be considered as good comparables. CIT(A)'s direction was only to verify this aspect. He did not limit the power of the AO / TPO to consider their comparability on their yardsticks. We are of the opinion that order of CIT (A) does not suffer from any ambiguity and was fair and appropriate in the circumstances of the case - Decided against revenue - IT(TP)A No. 1053/Bang/2013 - Dated:- 30-9-2015 - N. V. Vasudevan, JM And Abraham .....

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mpute deduction u/s 10A without setting off of losses pertaining to one unit against the profit of another by placing reliance on the decision of Hon'ble High Court of Karnataka in the case of M/s Yokogawa India Ltd., but without appreciating the fact that as per amended provisions of Section 10A, deduction u/s 10A has to be allowed from the total income of the assessee, and as per Section 2(45) of the IT Act, the total income should be computed from various sources after set off of losses f .....

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ground, Revenue is challenging the order of CIT (A) on the issues of computation of deduction u/s.10A of the Income-tax Act, 1961 ('the Act' in short), without setting off the losses of units on which 10A has not been claimed. CIT (A) had followed the jurisdictional High Court judgment in the case of CIT v. Yokogawa India Ltd [(2013) 341 ITR 385]. Revenue's decision to move an appeal before Hon'ble Apex Court against this judgment will not be a reason not to follow this judgment .....

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ned CIT(A) erred in directing the AO to consider current year data for comparable M/s Net Axis Software Services Ltd when such data has neither been furnished by the assessee, nor is it available in the public domain. 6. On the facts and in the circumstances of the case the learned CIT(A) erred in directing the AO to consider M/s. Dynacons Solutions & Systems Ltd as comparable in the absence of any data available for the software services segment of the company in public domain. 05. On a rea .....

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ces Ltd. and M/s Dynacons Systems & Solutions Ltd. must also be considered for computation of the mean operating margin, as their financial data for the FY ended 31.03.2004 was since available on the Prowess and Capitaline databases. As the only reason mentioned by the TPO for rejecting these companies as comparables was non availability of financial data in the databases for the relevant period, it would be in the interest of fairness to include them as comparables, now that the relevant da .....

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