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2022 (3) TMI 1461 - AT - Income TaxTransfer pricing adjustment made in respect of both “Software development Segment” and “ITES Segment” - Comparable selection - HELD THAT:- Larsen & Toubro Infotech Ltd, Persistent Systems Ltd and Tech Mahindra Ltd (seg. - Admittedly, the turnover of above said companies are far higher than that of the assessee company. Further the assessee falls under the category of companies having turnover of less than Rs.200 crores, where as the above said companies are having turnover of more than Rs.200 crores. Accordingly, following the above cited decision of the co-ordinate bench, we direct exclusion of above said three companies. Negative working capital adjustment - We direct the AO/TPO not to make negative working capital adjustment in the hands of the assessee.
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