TaxTMI 
TaxTMI 
2016 (3) TMI 1353
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....m/2014 Grounds of appeal taken by the assessee) "Based on the facts and circumstances of the case, Nomura Structured Finance Services Private Limited (hereinafter referred to as the 'Appellant') respectfully prefers an appeal under section 253 of the Income-tax Act, 1961 (Act) against the order dated 30 January 2014 passed by the Deputy Commissioner of the Income-tax -10(3), Mumbai (hereinafter referred to as the 'learned AO') in pursuance of the directions issued by Dispute Resolution Panel - II, Mumbai (DRP) on the following grounds. The Learned AO/DRP have erred in law and facts. Each of the below grounds of appeal is without prejudice to and independent of one another. 1. In making an upward adjustment of Rs. 3,....
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....by the Assessing Officer On the facts and in the circumstances of the case and in law, the Dispute Resolution Panel erred in reinstating comparable namely M/s C G Vak Software & Export Ltd. on the ground that it was not a loss making company for the past three consecutive years although the TPO has given factual finding in the order that it was a loss making company at least for 2 years (F.Y. 2007-08 & F.Y. 2008-09 though for F.Y. 2008-09 there is marginal operating profit). 3. The assessee is engaged in the business of providing information technology enabled services to its AEs. During the course of proceedings before the TPO, it was noticed that the assessee has benchmarked its income from services rendered to the AEs, on the basis ....
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....ess, for the time being, his grievance to the limited extent of seeking exclusion of Vishal Information Technology Ltd (Vishal, in short) from the list of comparables. He submits that the exclusion of Vishal is sought on the ground that this comparable's business model is radically different from the industry norms, as evident from the fact that his employee cost is as low as 2% of total costs- which essentially implies that the work is being outsourced by the comparable, rather than doing it on his own, and that there are now number of decisions by the coordinate benches holding that Vishal is not a good comparable because of its own peculiarities. He, however, hastened to add that the fact that he has given up the matter on other issues, ....