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Relies on the following case laws:

(i) CIT v. Himatasingike Seide Ltd. - (2006) 286 ITR 255 (Kar);

(ii) Intellinet 129 TTJ 273 (Chennai SB)(sic) Scientific Atlanta India Technology (P) Ltd v. ACIT - (2010) 129 TTJ (Chennai) (SB) 273;& ITA No.598 of 2011 IBM India Pvt Ltd Bangalore

(iii)Arisudana Spinning Mills (2012) 348 ITR 385 (SC)

- That the assessee did not furnish the bank account with Marine Midland Bank (HSBC), USA where amounts were credited, alleged for the software exports by 10A Units before the AO, neither such credits were correlated with the invoices raised by the Units. The FIRCs do not indicate the realization against any invoice raised or in relation to softex forms certified by the STPI authorities. The FIRCs merely indicate that substantial amounts have been transferred from the overseas account of the assessee. They do not have any reference and/or endorsement to softex invoices or forms.

The source, volume and nature of credit in the overseas account has not been explained till date;

- with regard to the issue of separate books of accounts, the assessee's reliance on Board's Circular dated 17.1.2013 is misplaced as the circular clearly mentions that the assessing officer may call for such accounts which are necessary to determine the eligible profits of the undertaking. There could be a situation where the assessee has only one undertaking with small other incomes which could be segregated easily for computing business profits of the undertaking. But where the situation requires separate accounts, it could not be wished away by the assessee. For example, if the undertaking is capital intensive, computation of depreciation for such undertaking would require, separate depreciation chart for the same. A common depreciation chart with block of assets for the assessee as a whole would not give a clear picture of the depreciation amount attributable to the assets of a particular undertaking. Similarly, if the employees working in or out of the undertaking and serving the domestic customers for say maintenance work, the proceeds of which is received in foreign exchange, would affect the eligible profits of the undertaking for deduction. Examination of payroll and work performed by such employees in an IT sector environment is necessary, where the software services and maintenance work for both domestic and foreign customers could be performed through telecom/satellite/internet channels. The work orders received and executed by employees of respective units would determine the nature of business and receipts. The invoices are non-descriptive and not approved by STPI. As these invoices are computer generated and digitally signed which could be changed to 'offshore efforts' or software income. Page 120 of PB II clearly shows that the service contract for server management with GE is in relation to Indian location. Similarly, P 125 of PB II shows the ICA to be in relation to All India IGA server management. The softex forms in BF NO.3 (PB 2) hide the finer details of the real work;