9911796707
TMI Blog2018 (9) TMI 1161X X X X Extracts X X X X X X X X Extracts X X X X ..... issue arises for consideration is selection of comparable cases. According to the Ld. representative, M/s Acropetal Technologies Ltd. was selected as comparable by the assessee initially. On reviewing of information available in the public domain, during the course of transfer pricing proceedings, the assessee came to know that there were some irregularities committed by M/s Acropetal Technologies Ltd. and proceedings were pending before Security Exchange Board of India, therefore, it has to be excluded. According to the Ld. representative, the assessee requested the Transfer Pricing Officer to exclude M/s Acropetal Technologies Ltd. as a comparable case. However, the TPO and DRP refused to exclude M/s Acropetal Technologies Ltd. According ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Transfer Pricing Officer shall consider the so-called information said to be collected by the assessee subsequent to filing of transfer pricing documentation and thereafter decide the issue afresh in accordance with law, after giving a reasonable opportunity to the assessee. The Assessing Officer shall follow the statutory provisions and pass the necessary orders as provided under Section 144C of the Income-tax Act, 1961 (in short 'the Act'). 5. The next issue arises for consideration is exclusion of expenditure incurred in foreign currency towards communication and insurance from the total turnover. 6. We heard Shri Sriram Seshadri, the Ld. representative for the assessee and Dr. M. Srinivasa Rao, the Ld. Departmental Representat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r authority. Accordingly, the Assessing Officer is directed to exclude the expenditure incurred by the assessee from both the export turnover and total turnover. The orders of the DRP as well as the Assessing Officer are modified accordingly. 8. The next issue arises for consideration is exclusion of foreign exchange gain from profits of the undertaking. 9. We heard Shri Sriram Seshadri, the Ld. representative for the assessee and Dr. M. Srinivasa Rao, the Ld. Departmental Representative. The gain due to foreign exchange fluctuation on the export is a profit from export, therefore, this Tribunal is of the considered opinion that the same cannot be excluded. In fact, this Tribunal in the assessee's own case for assessment year 2009-10 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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