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2019 (5) TMI 1211 - HC - Income TaxTP Adjustment - Comparable selection - Excluding Infosys BPO Limited - whether comparable ought not to be excluded only on the basis of ‘high turnover’ ? - HELD THAT:- The comparable discussed in Agnity India Technologies Pvt. Ltd. . [2013 (7) TMI 696 - DELHI HIGH COURT] which was sought to be excluded was an Infosys Group Company which undoubtedly was ‘a giant corporation’. On the other hand, in Chrys Capital Investment Advisors India (P.) Ltd. [2015 (4) TMI 949 - DELHI HIGH COURT] the three comparables included were Brescon Corporate Advisors Limited, Keynote Corporate Services Limited and Khandwala Securities Limited and the rejected comparables were IDFC Investment Advisors Ltd., Sumedha Fiscal Services Limited and Future Capital Holdings Limited. Clearly therefore none of the comparables involved was a ‘giant corporation’ like Infosys. Consequently, this Court is not persuaded that the ITAT erred in the present case in excluding Infosys BPO Limited relying on the decision of this Court in Agnity India Technologies Pvt. Ltd. (supra). The Court has with the help of the chart produced by Mr. Hossain examined the facts in relation to each of the nine other comparables including TCS E-Serve International Limited. This Court is not persuaded to hold that the ITAT erred in law in excluding them from the list of comparables for the purposes of determining the ALP of the Assessee’s international transactions. No substantial question of law arises
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