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    <title>High Court Favors Hong Kong Firm on Transfer Pricing, Rejects Disallowance Without Exempt Income, Accepts CUP Method.</title>
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    <description>M/s. ASK Re Ltd., Hong Kong held as Associated Enterprise u/s 92A(2)(j). CUP method accepted as Most Appropriate Method, rejecting TNMM and TP adjustment. Disallowance u/s 14A read with Rule 8D deleted as no exempt income earned by assessee, relying on Era Infrastructure and Maxivision Eye Hospital cases. Assessee&#039;s appeals allowed on TP and 14A issues.</description>
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      <description>M/s. ASK Re Ltd., Hong Kong held as Associated Enterprise u/s 92A(2)(j). CUP method accepted as Most Appropriate Method, rejecting TNMM and TP adjustment. Disallowance u/s 14A read with Rule 8D deleted as no exempt income earned by assessee, relying on Era Infrastructure and Maxivision Eye Hospital cases. Assessee&#039;s appeals allowed on TP and 14A issues.</description>
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