Transfer pricing adjustment is not one of the adjustments contemplated under Explanation 1 Section 115JB(2)

Brief of the case: In the case of M/s. Cash Edge India (Pvt.) Ltd., vs. ITO Delhi Bench of ITAT have held that transfer pricing adjustment is not one of the adjustments contemplated under Explanation 1 Section 115JB(2) of the Act and, therefore, could not have been added back to the book profits under Section 115JB. It is settled law that except for adjustments provided in Explanation 1 Section 115JB(2) of the Act, no other adjustment can be made to book profits under Section 115JB of the Act. Facts of the case: Assessee rendered software development and business support services to its AE vi...