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TMI Blog2020 (12) TMI 924X X X X Extracts X X X X X X X X Extracts X X X X ..... y the assessee but there is only one grievance and it is about disallowance of the claim of the assessee for deduction u/s 10A made by the assessee as per revised return of income filed for the present year in respect of income of Rs. 5,42,11,607/- accounted for by the assessee as prior period income in F. Y. 2009 - 10 relevant to A. Y. 2010 - 11 and it is contended in Ground No. 2.2 that this income was offered to tax in the present year in the Revised Return of Income as Voluntary T P Adjustment and it was reduced from the total prior period income of Rs. 11,31,27,949/- in A. Y. 2010 - 11. 3. In course of hearing, various arguments were raised by the learned AR of the assessee and it was pointed out that on page 55 of the paper book is t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vailable and no finding is given by AO or by CIT (A) in this regard. He submitted that the order of TPO for the same year is available on pages 24 to 26 of the Appeal Memo and he pointed out that on page 3 of this order available on page 26 of the Appeal Memo, the TPO has noted that the assessee has made a voluntary T P Adjustment of Rs. 5,42,11,607/- and as a result, the profit margin has increased and no T P adjustment is called for. He submitted that it is accepted by the TPO also that the assessee has made a voluntary T P Adjustment of Rs. 5,42,11,607/- He placed reliance on the tribunal order rendered in its own case for A. Y. 2010 - 11 in ITA No. 199 & 218/B/2015 dated 20.05.2020 copy on pages 128 to 146 of the paper book and pointed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on after examining this factual aspect as to whether the Prior Period Expenses for F. Y. 2008 - 09 reported by the assessee in Schedule 8 of the Audited Accounts for F. Y. 2009 - 10 of Rs. 2,02,44,779/- and Rs. 42,19,802/- Total Rs. 2,44,64,581/- is related to Prior Period income of Rs. 5,42,11,607/- reported in same Schedule 8 of the Audited Accounts for F. Y. 2009 - 10. If it is found that any part or full amount of these expenses are related to Prior Period income of Rs. 5,42,11,607/- reported in same Schedule 8 of the Audited Accounts for F. Y. 2009 - 10 then only such income which remains after deducting such related expenses should be considered as eligible for deduction u/s 10A and such expenses should be reduced from the expenses cl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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