https://www.taxtmi.com/caselaws?id=752739 The ITAT Mumbai ruled on transfer pricing adjustments and deductions for the assessee. The tribunal directed exclusion of several comparables: Eclerx Services Ltd due to functional differences, Genesys International Corporation Ltd based on prior year findings of functional disparity, Infosys BPO Ltd and Wipro Ltd due to extraordinary events including acquisitions and amalgamations during the relevant year, and Informed Technologies India Ltd as it was a captive service provider. The tribunal dismissed the appeal regarding service tax refund treatment as operating revenue, finding it should be considered operating revenue per precedent decisions. The tribunal allowed deduction under section 10A for interest income on fixed deposits and foreign exchange gains on EEFC accounts, following consistent rulings in previous assessment years. en-us Tue, 14 May 2024 00:00:00 +0530 Thu, 16 May 2024 09:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752739 The ITAT Mumbai ruled on transfer pricing adjustments and deductions for the assessee. The tribunal directed exclusion of several comparables: Eclerx Services Ltd due to functional differences, Genesys International Corporation Ltd based on prior year findings of functional disparity, Infosys BPO Ltd and Wipro Ltd due to extraordinary events including acquisitions and amalgamations during the relevant year, and Informed Technologies India Ltd as it was a captive service provider. The tribunal dismissed the appeal regarding service tax refund treatment as operating revenue, finding it should be considered operating revenue per precedent decisions. The tribunal allowed deduction under section 10A for interest income on fixed deposits and foreign exchange gains on EEFC accounts, following consistent rulings in previous assessment years. Case-Laws Income Tax Tue, 14 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752739