https://www.taxtmi.com/caselaws?id=314039 ITAT Bangalore rejected 10 companies from comparable selection for failing turnover filter, noting high turnover companies cannot be compared with low turnover entities. Several companies were excluded for functional dissimilarity - Great Software Laboratory for rendering different services, Elveego Circuits for chip design versus basic software development, Acewin Agritech for being IT outsourcing company versus captive service provider, and Threesixty Logica for software testing versus contract services. Some companies were retained as functionally comparable. Multiple comparables were remanded to TPO for fresh FAR analysis verification. Regarding outstanding receivables, matter was remanded to TPO with directions to apply LIBOR + 300 basis points for receivables outside working capital adjustment. en-us Mon, 27 Mar 2023 00:00:00 +0530 Mon, 10 Jun 2024 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314039 ITAT Bangalore rejected 10 companies from comparable selection for failing turnover filter, noting high turnover companies cannot be compared with low turnover entities. Several companies were excluded for functional dissimilarity - Great Software Laboratory for rendering different services, Elveego Circuits for chip design versus basic software development, Acewin Agritech for being IT outsourcing company versus captive service provider, and Threesixty Logica for software testing versus contract services. Some companies were retained as functionally comparable. Multiple comparables were remanded to TPO for fresh FAR analysis verification. Regarding outstanding receivables, matter was remanded to TPO with directions to apply LIBOR + 300 basis points for receivables outside working capital adjustment. Case-Laws Income Tax Mon, 27 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314039