TMI Blog2019 (9) TMI 1693X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) was right on the issue of application of turnover filter by following the ratio laid down in the case of Genisys Integrating Systems (India) P Ltd ( 2018 (7) TMI 1862 - ITAT BANGALORE] In the instant case, the assessee seeks exclusion of above said five companies by applying turnover filter as per the ratio laid down in the case of Genisys Integrating Systems (India) P Ltd (supra). Appeal of the assessee is treated as allowed. - IT(TP)A No.2614/Bang/2017 - - - Dated:- 4-9-2019 - SHRI B.R BASKARAN, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER For the Appellant : Shri Padamchand Khincha, C.A For the Respondent : Dr. P.V Pradeep Kumar, Addl. CIT (DR) ORDER Per B.R Baskaran,Accountant Member ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Larsen O Toubro Infotech Ltd. 26.06% 4 Mindtree Ltd. (Seg) 18.19% 5 Persistent Systems Ltd. (Seg) 28.27% 6 R S Software (India) Ltd. 17.41% 7 Tech Mahindra Ltd. (Segmental) 18.72% AVERAGE 20.90% 5. The TPO gave deduction towards working capital adjustment to the tune of 0.42%. However, instead of deducting the above said adjustment from 20.90%, he added the same to it. Accordingly he proposed Transfer pricing adjustment of Rs.114.75 lakhs. The A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eard the parties and perused the record. In the case of Genisys Integrating Systems (India) P Ltd vs. DCIT (ITA No.1231/Bang/2010), the co-ordinate bench of Tribunal has relied upon the opinion expressed by Dun and Bradstreet that the grouping of companies having turnover of Rs.1.00 crore to Rs.200 crores as comparable with each other was held to be proper. Since certain decisions were rendered by other co-ordinate benches fixing different criteria, the co-ordinate bench considered the divergent views expressed by various benches in the case of Autodesk India (P) Ltd vs. DCIT (2018)(96 taxmann.com 263) and expressed the view that the Ld CIT(A) was right on the issue of application of turnover filter by following the ratio laid down in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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