2018 (7) TMI 1094

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tantial question of law No.1 as indicated in the memorandum of appeal. However, learned counsel for the Revenue seeks to consider the second and third substantial questions of law framed in the memorandum of appeal. 3. The substantial questions of law framed by the Revenue in the Memorandum of Appeal are as under: "1. Whether the Tribunal was right in imposing the decision of the other benches of the Tribunal in the case of assessee to reject the comparables, when selection of comparables in a case depends in Transfer Pricing on assessee specific? 2. Whether the Tribunal was correct in rejecting the comparables selected by the Assessing Officer on the basis of the decision of the Tribunal without taking into consideration the reaso....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....selected Engineering India Ltd., IDC India Ltd., Oil Field Instrumentation, Celestial Labs and Mindtree Ltd., as comparable. The Tribunal examined the comparability of these companies to a company engaged in contract research & development and came to the following conclusion:- "xxxxx Thus it is clear that Mindtree is engaged in providing diversified set of services under its R&D segment for various industries. Hence it is not comparable to the functional profile of the Company and accordingly ought not to be considered a comparable."[emphasis supplied]" Regarding third substantial question of law:- "17. Now we will consider the claim of the assessee that Neeman Medical International [Asia] Limited is not a consistently loss mak....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Tax & Anr. V/s. M/s. Softbrands India Pvt. Ltd.,], wherein it has been observed that unless the finding of the Tribunal is found ex-facie perverse, the Appeal u/s. 260-A of the Act, is not maintainable. The relevant portion of the Judgment is quoted below for ready reference: "Conclusion: 55. A substantial quantum of international trade and transactions depends upon the fair and quick judicial dispensation in such cases. Had it been a case of substantial question of interpretation of provisions of Double Taxation Avoidance Treaties (DTAA), interpretation of provisions of the Income Tax Act or Overriding Effect of the Treaties over the Domestic Legislations or the questions like Treaty Shopping, Base Erosion and Profit Shifting (BEPS),....