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5. Further submitted that TPO made upward TP adjustment/addition of Rs.5,74,93,755 as under:

a. TPO vide his order under section 92CA(3) dated 30/10/2023 accepted the TNM method as adopted by the Assessee to be the most appropriate method and also accepted various filters as used by the Assessee for benchmarking purposes except the export filter as applied was not considered to be an appropriate filter by the TPO.

b. Accepted Assessee's contention that application of export filter is valid and accordingly threshold of 75% is to be applied for such purpose (refer to para 5.3 at pages 10 & 11 of DRP order).

c. Upheld the Rejection of ERP Soft Systems Ltd. as a comparable Co. (refer to para 6.2 & 6.3 at pages 12 & 13 of DRP's order).

d. Out of the 9 additional comparable companies selected by the TPO, DRP has accepted that following3 companies are to be excluded from such list of comparable companies (refer to pages 22 & 23 of DRP's order):

Out of the above three companies, Cosmic Global Ltd. and Allsec Technologies Ltd. were excluded from the final list of 9 comparable companies by the TPO vide giving effect to DRP directions (refer to para 6.2 of TPO's order at page 165 of PB) and by the AO vide his final assessment order under section 143(3)/144C(13)/144B of the Act.However, TPO/AO have inadvertently included Maa Business Solutions Pvt. Ltd. in the final list of 9 comparable companies as taken by them even though such company failed to satisfy the export filter test as is evident from its annual financial statements for FY 2020-21 enclosed at pages 185-196 of PB (refer to P & L A/c at page 193 read with notes at page 196)read withchart given in the Synopsis at pages 179-184 of PB (refer topage 179). TPO vide her remand report dated 08.08.2024 enclosed at pages 197-202 has failed to controvert/disprove such factual calculation based on financial data reflecting that Maa Business Solutions Pvt. Ltd. failsto satisfy the 75% threshold for export filter test as held to be a valid filter by DRP. Appellant also refers to and relies upon its Rejoinder dated

12.08.2024 on TPO's remand report as filed before DRP and enclosed at pages 203-220 of PB.

In view of the above facts and circumstances, Maa Business Solutions Pvt. Ltd. may be directed to be excluded from the list of comparable companies since it fails to satisfy the export filter test as held to be valid/appropriate filter by the DRP (refer to para 5.3 of DRP order). TPO vide her order dated 20.09.2024 has excluded Cosmic Global Ltd. and Allsec Technologies Ltd. since they failed to satisfy the export filter test but has inadvertently included MAA Business Solutions Pvt. Ltddespite the fact that this Co. did not have any gain or loss on exchange rate fluctuation meaning thereby that it did not derive any export revenue and accordingly failed to satisfy the export filter test. No reasons whatsoever were provided by the TPO in her order dated 20.09.2024 for not excluding MAA Business Solutions Pvt. Ltd. from the list of final comparables.