https://www.taxtmi.com/caselaws?id=216273 The Tribunal upheld the validity of the assessment order under Section 144C, dismissing the contention that it was completed beyond the statutory time limit. The adjustment of profits under Section 10B(7) read with Section 80-IA(10) was challenged but deemed unsustainable, leading to a direction for the AO to rework the deduction. The addition of Rs. 10,89,20,652/- as TP adjustment and denial of deduction under Section 10B were deleted. The exclusion of unrealized export proceeds and certain expenses from turnover was partially allowed, with directions for recalculations. The issue of short credit for tax deducted at source was remitted back to the AO for resolution. en-us Fri, 15 Jun 2012 00:00:00 +0530 Tue, 04 Sep 2012 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216273 The Tribunal upheld the validity of the assessment order under Section 144C, dismissing the contention that it was completed beyond the statutory time limit. The adjustment of profits under Section 10B(7) read with Section 80-IA(10) was challenged but deemed unsustainable, leading to a direction for the AO to rework the deduction. The addition of Rs. 10,89,20,652/- as TP adjustment and denial of deduction under Section 10B were deleted. The exclusion of unrealized export proceeds and certain expenses from turnover was partially allowed, with directions for recalculations. The issue of short credit for tax deducted at source was remitted back to the AO for resolution. Case-Laws Income Tax Fri, 15 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216273