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2023 (4) TMI 23 - AT - Income TaxTP Adjustment - comparable selection - HELD THAT:- comparables whose turnover is more than 200 crores should be excluded from the list of comparables. Direct AO/TPO to exclude R S Software (India) Ltd., Inteq Software Pvt. Ltd., and Infobeans Technologies Ltd.as they are functionally not comparable with the assessee. Akshay Software Technologies Ltd. (‘Akshay’) and Evoke Technologies Private Limited (‘Evoke’) excluded on the ground that these companies did not feature in the search matrix of the TPO - As relying on M/S. ARM EMBEDDED TECHNOLOGIES PVT. LTD., VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 1 (1) (1) , BENGALURU. [2023 (1) TMI 399 - ITAT BANGALORE] we remit this issue back to the AO/TPO for a fresh consideration in the light of the information in public domain and also the various details submitted by the assessee in this regard. Sagarsoft (India) Ltd (‘Sagarsoft’) - We also notice that a similar view has been held by the coordinate bench in the case of NTT Data FA Insurance Systems (India) Pvt. Ltd (2022 (10) TMI 1153 - ITAT BANGALORE] where the issue was remitted back to the AO/TPO. Accordingly respectfully following these decisions we remit the issue of inclusion of SagarSoft back to the AO/TPO for fresh examination. Needless to say that the assessee may be given a reasonable opportunity of being heard. AO/TPO is directed to recompute the ALP in accordance with the directions given in this order.
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