Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (12) TMI 423 - AT - Income TaxTP Adjustment - comparable selection - HELD THAT:- All the Revenue’s arguments failed to evoke our concurrence. This is for the reason that not only the learned coordinate bench’s findings stand upheld in decision PCIT v. Barclays Technology Centre India Pvt. Ltd. [2018 (8) TMI 574 - BOMBAY HIGH COURT] but also the corresponding financials referred at it’s behest hardly prove M/s. Bodhtree Consulting Ltd. and M/s. Kals Information Systems Ltd. as engaged in the very segment of provision for software development services. Faced with this situation, we adopt judicial consistency to confirm the CIT (A)’s findings under challenge regarding exclusion of these twin entities from the array of comparables. As assessee’s computation that it’s PLI of 11.86% (supra) falls within ± 5% tolerance mark of the arithmetic mean coming to 13.57% u/s 92C(2) of the Act 2nd proviso in light of our adjudication on the foregoing issue. This clinching plea has gone unrebutted from the Revenue side. We thus conclude that Revenue’s twin substantive grounds involving M/s. Quintegra Solutions Pvt. Ltd. and M/s. CG-VAK Software & Exports Ltd. as well taxpayer’s cross objection seeking inclusion of M/s. Thirdware Solutions Ltd. (supra) stand rendered academic.
|