TMI Blog2022 (8) TMI 1435X X X X Extracts X X X X X X X X Extracts X X X X ..... t the remaining 15 companies. - SHRI B.R. BASKARAN (AM) AND SHRI RAHUL CHAUDHARY (JM) For the Assessee : Shri Rajan R. Vora Shri Nikhil Tiwari For the Department : Ms. Smruddhi D. Hande ORDER Per B.R. Baskaran (AM):- The assessee has filed this appeal challenging the final assessment order dated 30-12-2015 passed by the Assessing officer for assessment year 2007-08 u/s 143(3) r.w.s. 144C(13) of the Act in pursuance of directions issued by Ld Dispute Resolution Panel (DRP). 2. The assessee herein is earlier known as Willis Processing Service (India) Private Limited . It is an Export Oriented Unit (EOU) under Software Technology Park of India Scheme (STPI Scheme) of Government of India. It is engaged in pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Remarks TPO COMPARABLES 1. Accentia Technologies Ltd Yes 2. Aditya Birla Minacs Worldwide Yes 3. Allied Digital Services Ltd Yes 4. Asit C Mehta Fin Services Ltd Yes Yes 5. Ask Me Info Hubs Ltd Yes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Yes 19. Vishal Information Technologies Yes Yes 20. Wipro Ltd Yes Yes HIGH COURT REMANDED CASES ADDITIONAL 21. AllsecTehnologies Ltd 22. Flextronics Software Sys Ltd (Seg) 23. HCL Comnet Sys Ser Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n held as not a good comparable in various years in the assessee s own case and in the hands of other assessee s also. Accordingly, we direct exclusion of this company. (ii) Mold-Tek Technologies Ltd:- The assessee submitted that this company is a KPO company and hence it is functionally different. Further, during the year under consideration, it has demerged its Plastics division into a separate listed entity, which is an extra ordinary event. The Tribunal has excluded this company in AY 2008-09 (ITA No.6877/Mum/2012) in the assessee s own case. The TPO himself has excluded this company in the assessee s own case in AY 2006-07. The Ld A.R also relied upon the decision rendered by the Tribunal in the case of Stream International Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... October, 2014) in AY 2007-08. Thus, we notice that this company has been held as not a good comparable in various years in the assessee s own case and in the hands of other assessee s also. Accordingly, we direct exclusion of this company. (v) Asit C Mehta Financial Services Ltd:- The assessee submitted that this company is rendering ITES services and also engaged in providing portfolio management services. However, segmental details are not available with regard to the above said two segments. The Tribunal has excluded this company in the assessee s own case in AY 2006-07 (ITA No.690/Mum/2016). The Ld A.R also relied upon the decision rendered by the Tribunal in the case of Stream International Services (ITA No.8290/Mum/2011 date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e case of Hinduja Global Solutions Ltd (ITA No.4933 4950/Mum/2012). Accordingly, we direct exclusion of this company. (viii) WIPRO Ltd:- The assessee submitted that this company is a leading market player and is possessing significant intangibles. This company has spent about 8.5% of its revenue towards R D Activities. Further, this company has had 9 acquisition arrangements during this year. The Ld A.R also relied upon the decision rendered by the Tribunal in the case of Stream International Services (ITA No.8290/Mum/2011 dated 10th October, 2014 ) in AY 2007-08. Thus, we notice that this company has been held as not a good comparable in various years in the assessee s own case and in the hands of other assessee s also. Accord ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
