TMI Blog2019 (1) TMI 852X X X X Extracts X X X X X X X X Extracts X X X X ..... ision of CIT (A) still stands that Infosys Ltd. stands excluded from the list of comparables. The revenue has not filed any M. P. for decision on that aspect i.e. exclusion of Infosys Ltd. and hence, in our considered opinion, the present M.P. of assessee is academic and therefore, no decision on this is called for. - M.P. No. 253/Bang/2017 And IT(TP) A No.25/Bang/2012 - - - Dated:- 16-1-2019 - SHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER AND SHRI LALIET KUMAR, JUDICIAL MEMBER For The Assessee : Shri Umashankar Gautam, Advocate For The Revenue : Shri R. N. Siddappaji, Addl. CIT (DR) ORDER Per Shri A.K. Garodia, Accountant Member; This M.P. is filed by the assessee pointing out certain apparent mistakes in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e on this comparable, since the same is functionally not comparable to the Company for the reasons mentioned below: It is engaged in provision of diversified operations such as reengineering, system integration, etc. (Refer page 596 of the Annual Report compendium) It has presence of huge brands and intangibles; (Refer page 563, 667 and 668 of the Annual Report compendium) Engaged in development of products; (Refer page 561 and 562 of the Annual Report compendium) Invests substantial amount in Research development activities. (Refer page 568 of the Annual Report compendium) In addition to the above, the Company would also like to place reliance on the following rulings of the jurisdictional Tribunal w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ransactions should be excluded from the comparables. The Tribunal noted 12 such comparable companies which includes five comparables out of 7 comparables noted by the tribunal in Para 9.2 of the impugned order. Out of 7 comparables noted by the tribunal in Para 9.2, two comparables i.e. Exensya Software Solutions Ltd. and Sankhya Infotech Ltd. are not included in the list of 12 comparables noted by the tribunal in Para 8. These 12 companies noted in Para 8 are as under. 1. Sasken Network Systems Ltd. 2. Four soft Ltd. 3. Thirdware Solution Ltd. 4. R S Software (India) Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. (iii) Geometric Software Solutions Ltd. and (iv) Flextronics Software Systems Ltd. 6. The three companies directed to be excluded are. (i) Foursoft Ltd., (ii) Thirdware Solutions Ltd. and (iii) Tata Elxsi Ltd. 7. From the impugned Tribunal order, it is seen that out of 7 companies noted by Tribunal in para 9.2, the Tribunal held to include four companies in the list of comparables and confirmed the order of CIT(A) in respect of exclusion of three companies. 8. As per the M.P. filed by the assessee, this is the claim of the assessee that assessee has also argued for exclusion of Infosys Ltd. on the basis of functional comparability which is not decided by the Tribunal. Be that as it may but since this is not a fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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