https://www.taxtmi.com/caselaws?id=449371 The ITAT Mumbai remitted multiple issues back to lower authorities for fresh consideration. The tribunal directed TPO/AO to remove Mold-Tek from comparables due to derivative losses from foreign currency exposure, following precedent that such gains/losses must be considered in operating profit computation. Eclerx and Accentia Technologies were eliminated as functionally different. Working capital adjustment was remitted for reasonable percentage determination based on actual data. TDS credit issue was sent back for merit verification. The tribunal dismissed revenue's appeal on section 10A deduction computation, holding expenses excluded from export turnover must also be excluded from total turnover. Section 14A disallowance was restricted to investments yielding exempt income. TCS e-serve was excluded from comparables due to significantly higher turnover creating incomparability. en-us Wed, 10 Jan 2024 00:00:00 +0530 Mon, 10 Jun 2024 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449371 The ITAT Mumbai remitted multiple issues back to lower authorities for fresh consideration. The tribunal directed TPO/AO to remove Mold-Tek from comparables due to derivative losses from foreign currency exposure, following precedent that such gains/losses must be considered in operating profit computation. Eclerx and Accentia Technologies were eliminated as functionally different. Working capital adjustment was remitted for reasonable percentage determination based on actual data. TDS credit issue was sent back for merit verification. The tribunal dismissed revenue's appeal on section 10A deduction computation, holding expenses excluded from export turnover must also be excluded from total turnover. Section 14A disallowance was restricted to investments yielding exempt income. TCS e-serve was excluded from comparables due to significantly higher turnover creating incomparability. Case-Laws Income Tax Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449371