https://www.taxtmi.com/caselaws?id=286011 The Tribunal upheld the disallowance under Section 14A of the Income-tax Act, 1961, applying Rule 8D for expenditure related to exempt income. It directed the AO to add back the disallowed amount to business income for granting relief under Section 10A. Certain companies were included/excluded as comparables for Transfer Pricing analysis based on functional profiles. The Tribunal remanded the issue of Genesys International Corporation Ltd. for detailed comparison. Communication expenses were to be excluded from total turnover for re-computing deduction under Section 10A, following the Karnataka High Court's decision. en-us Thu, 20 Apr 2017 00:00:00 +0530 Fri, 07 Feb 2020 19:34:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286011 The Tribunal upheld the disallowance under Section 14A of the Income-tax Act, 1961, applying Rule 8D for expenditure related to exempt income. It directed the AO to add back the disallowed amount to business income for granting relief under Section 10A. Certain companies were included/excluded as comparables for Transfer Pricing analysis based on functional profiles. The Tribunal remanded the issue of Genesys International Corporation Ltd. for detailed comparison. Communication expenses were to be excluded from total turnover for re-computing deduction under Section 10A, following the Karnataka High Court's decision. Case-Laws Income Tax Thu, 20 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286011