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2016 (10) TMI 1035 - HC - Income TaxTPA - exclusion of two comparables i.e. M/s Infosys Ltd. and M/s. Persistent Systems Ltd. - Held that:- M/s Infosys Ltd. is engaged not merely in software development both offsite and onsite and that it receives the substantial revenues on account of onsite software financial development – the activity which the assessee does not carry out. ALso M/s Infosys Ltd. is that concern also owns brand intangibles- an advantage which the assessee does not possess.Lastly, the assessee is captive as opposed to status of M/s Infosys Ltd. M/s Persistent Systems Ltd- could not have been included. No substantial question of law arises Treatment of foreign exchange gain or loss in the transfer price determination of ALP - Held that:- In foreign exchange gain or loss is concerned, the ITAT was of the opinion that the reliance upon the Safe Harbour Notification dated 18.09.2013 was not appropriate since having regard to the fact that the Rule was introduced prospectively and could not have been applied to AY 2010-2011. The assessee also relies upon the decision in the previous order for the AY 2009-20010 in Pr. Commissioner of Income Tax-3 vs. Fiserv India Pvt. Ltd.(2016 (1) TMI 1276 - DELHI HIGH COURT) where the identical question was settled in its favour. For this reason too, the second question urged does not arise.
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