https://www.taxtmi.com/caselaws?id=754902 ITAT Bangalore held that multiple companies including Nihilent Limited, Tata Elxsi Limited, Larsen Toubro Infotech Ltd., Persistent Systems Limited, Wipro Limited, and Infosys Limited were not functionally comparable to the assessee for transfer pricing purposes and directed their exclusion from the comparable list. The companies were excluded due to functional differences, diversified activities, significant related party transactions exceeding 25% threshold, engagement in cognitive computing and software products, and turnover considerations. The matter regarding interest adjustment on outstanding receivables was remitted back to AO/TPO with direction to limit credit period to 30 days only. en-us Wed, 10 Jan 2024 00:00:00 +0530 Tue, 02 Jul 2024 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754902 ITAT Bangalore held that multiple companies including Nihilent Limited, Tata Elxsi Limited, Larsen Toubro Infotech Ltd., Persistent Systems Limited, Wipro Limited, and Infosys Limited were not functionally comparable to the assessee for transfer pricing purposes and directed their exclusion from the comparable list. The companies were excluded due to functional differences, diversified activities, significant related party transactions exceeding 25% threshold, engagement in cognitive computing and software products, and turnover considerations. The matter regarding interest adjustment on outstanding receivables was remitted back to AO/TPO with direction to limit credit period to 30 days only. Case-Laws Income Tax Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754902