Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (12) TMI 203 - ITAT CHENNAITP Adjustment - international transaction of the Information Technology Enabled Services (ITeS) provided to its Associated Enterprises (AEs) - comparable selection - HELD THAT:- Exclusion of comparable as functionally dissimilar with that of assessee. Disallowance of marked to market loss under normal provisions as well as the Minimum Alternative Tax [MAT] provisions, i.e. Section 115 JB of its book-profit - HELD THAT:- It is clear that the Assessee has reversed the loss claimed in the next year and offered to tax. On this very count, the addition cannot be made. Secondly, this issue is squarely covered by the decision of the Hon’ble Supreme Court in the case of Woodward Governor India Private Limited [2009 (4) TMI 4 - SUPREME COURT] As the Assessee is consistently adopting the policy as and when loses arises, the same is disclosed as loss earned and is a claimed deduction. Hence, we allow the claim of the Assessee. Since we have allowed the claim of the Assessee on merits on regular assessment, similar to the decision on computing the book-profit u/s.115JB of the Act, the appeal of the Assessee is partly allowed.
|