https://www.taxtmi.com/caselaws?id=327011 The Tribunal partly allowed the appeal, directing the exclusion of non-operating expenses (derivative losses) from the Profit Level Indicator calculation. It clarified that the Ready to Serve segment adjustment should be limited to international transactions only. The Tribunal instructed the Assessing Officer to verify and correct the operating margin of the comparable company. The adjustment for underutilization of capacity was accepted in principle. The issues regarding sundry balances, interest levying, and penalty proceedings were dismissed. The additional ground of excluding interest and finance costs from operating expenses was rejected due to insufficient details. Various matters were remitted back for reassessment. en-us Wed, 16 Mar 2016 00:00:00 +0530 Sat, 30 Apr 2016 11:22:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327011 The Tribunal partly allowed the appeal, directing the exclusion of non-operating expenses (derivative losses) from the Profit Level Indicator calculation. It clarified that the Ready to Serve segment adjustment should be limited to international transactions only. The Tribunal instructed the Assessing Officer to verify and correct the operating margin of the comparable company. The adjustment for underutilization of capacity was accepted in principle. The issues regarding sundry balances, interest levying, and penalty proceedings were dismissed. The additional ground of excluding interest and finance costs from operating expenses was rejected due to insufficient details. Various matters were remitted back for reassessment. Case-Laws Income Tax Wed, 16 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327011