https://www.taxtmi.com/caselaws?id=278943 The Tribunal partially allowed the appeal by directing the exclusion of certain companies from the list of comparables used for Transfer Pricing Adjustment. Three companies, namely Infosys Ltd., Larsen & Toubro Infotech Ltd., and Persistent Systems Ltd., were found not functionally comparable to the appellant, leading to their exclusion. Genesys International Corporation Ltd. was also excluded due to its engagement in GIS-based services instead of software development services. The Tribunal instructed the Transfer Pricing Officer to recalculate the average arithmetic mean of the remaining comparables and make the necessary adjustments within the permissible range. en-us Fri, 21 Dec 2018 00:00:00 +0530 Wed, 27 Feb 2019 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278943 The Tribunal partially allowed the appeal by directing the exclusion of certain companies from the list of comparables used for Transfer Pricing Adjustment. Three companies, namely Infosys Ltd., Larsen & Toubro Infotech Ltd., and Persistent Systems Ltd., were found not functionally comparable to the appellant, leading to their exclusion. Genesys International Corporation Ltd. was also excluded due to its engagement in GIS-based services instead of software development services. The Tribunal instructed the Transfer Pricing Officer to recalculate the average arithmetic mean of the remaining comparables and make the necessary adjustments within the permissible range. Case-Laws Income Tax Fri, 21 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278943