TaxTMI 
TaxTMI 
2019 (5) TMI 434
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....r 2007-08, claiming the following substantial question of law:- "Whether the Hon'ble ITAT was correct in excluding Infosys Technologies Ltd. as a comparable relying on the decision of the Hon'ble High Court in the case of CIT Vs. Agnity India Technologies Pvt. Ltd. when the circumstances are totally different and when assessee itself has taken Infosys as a comparable in its TP Study Report?" 2. Briefly stated, the facts necessary for adjudication of the instant appeal as narrated therein may be noticed. The assessee filed its return of income on 14.11.2007 for the assessment year 2007-08 declaring an income of Rs. 1,82,91,080/-. A reference was made to the Transfer Pricing Officer (TPO) to determine the Arm's Length Price (....
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...., we do not find any merit in the appeal. 4. The only issue that arises in this appeal is as to whether Infosys Technologies Limited has been rightly excluded from the list of comparables for determining ALP? 5. No doubt, the assessee itself had selected Infosys Technologies Ltd. as a comparable company in its transfer pricing study report and vide letter dated 13.10.2010 accepted it to be so before the TPO without any comment. However, it was challenged for the first time before the CIT(A). The assessee claimed that Infosys Technologies Ltd. was not a valid comparable to the assessee as the assessee was a pigmy as compared to the giant Infosys Technologies Ltd. 6. The Tribunal while accepting the plea of the assessee had recorded tha....
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....fore us. It is important to note that assessee himself has selected Infosys Technologies Ltd. as a comparable company in its transfer pricing study report. That shows that at the time of preparation of transfer pricing study report assessee find himself that Infosys is having the similar FAR as compared to the assessee. Before the ld. Transfer Pricing Officer the updated margins were also provided of this company and no objections were taken. This fact is evident from the letter of Transfer Pricing Officer dated 31.08.2010 addressed to the assessee. Furthermore, before the Transfer Pricing Officer vide letter dated 13.10.2010 has accepted the comparable without any comment. Therefore, it is apparent that assessee has not challenged this com....
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....rticular software currently works in 54 countries and 91 banks. The Finacle software is a modular solution to the core banking and treasury, wealth management, consumer and corporate e-banking requirements of universal retail and corporate banks worldwide. Furthermore, the Hon'ble High Court in CIT Vs. Agnity India Technologies Pvt. Ltd. 36 Taxmann.com 289 (Del) wherein, in para No.6 on the similar arguments has approved the order of the coordinate bench for exclusion of this company compared with a company which is engaged in the business of development of software. In the present case, the assessee is not even the developer of the software but merely providing software support services. In view of this respectfully following the decis....