https://www.taxtmi.com/caselaws?id=754677 ITAT Bangalore ruled that negative working capital adjustment cannot be made for captive service providers, directing exclusion of such adjustment from comparable analysis. The tribunal excluded multiple companies from transfer pricing comparables including L T Infotech Ltd., Infosys Ltd., Persistent Systems Ltd., Infobeans Technologies Ltd., Tata Elxsi Ltd., Mindtree Ltd., Nihilent Ltd., Cygnet Infotech Pvt. Ltd., and Cybage Software Pvt. Ltd. due to functional incomparability, product development activities, lack of segmental data, or non-captive nature. One comparable was remanded for verification. Issues regarding section 10AA deduction and interest levy were remanded to assessing officer for proper consideration. en-us Mon, 29 Apr 2024 00:00:00 +0530 Thu, 27 Jun 2024 16:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754677 ITAT Bangalore ruled that negative working capital adjustment cannot be made for captive service providers, directing exclusion of such adjustment from comparable analysis. The tribunal excluded multiple companies from transfer pricing comparables including L T Infotech Ltd., Infosys Ltd., Persistent Systems Ltd., Infobeans Technologies Ltd., Tata Elxsi Ltd., Mindtree Ltd., Nihilent Ltd., Cygnet Infotech Pvt. Ltd., and Cybage Software Pvt. Ltd. due to functional incomparability, product development activities, lack of segmental data, or non-captive nature. One comparable was remanded for verification. Issues regarding section 10AA deduction and interest levy were remanded to assessing officer for proper consideration. Case-Laws Income Tax Mon, 29 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754677