https://www.taxtmi.com/caselaws?id=762969 ITAT Hyderabad ruled on transfer pricing comparable selection and Section 10AA deduction claims. The tribunal excluded Empire Industries Limited (trading activity) and India Cements as non-comparable companies but retained HSCC (India) Limited and Kitco Ltd. as valid comparables, finding their business profiles matched the assessee's software services despite HSCC being a government undertaking. The tribunal denied additional Section 10AA deduction for export turnover, holding that Form 56F must be filed by the statutory due date. The assessee's delayed filing on 10.05.2024 was impermissible per Supreme Court precedent in Wipro Ltd. case requiring strict compliance with statutory requirements. en-us Tue, 23 Jul 2024 00:00:00 +0530 Tue, 10 Dec 2024 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762969 ITAT Hyderabad ruled on transfer pricing comparable selection and Section 10AA deduction claims. The tribunal excluded Empire Industries Limited (trading activity) and India Cements as non-comparable companies but retained HSCC (India) Limited and Kitco Ltd. as valid comparables, finding their business profiles matched the assessee's software services despite HSCC being a government undertaking. The tribunal denied additional Section 10AA deduction for export turnover, holding that Form 56F must be filed by the statutory due date. The assessee's delayed filing on 10.05.2024 was impermissible per Supreme Court precedent in Wipro Ltd. case requiring strict compliance with statutory requirements. Case-Laws Income Tax Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762969