2022 (4) TMI 1330

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....pondent Through: None. J U D G M E N T MANMOHAN, J (Oral): C.M.Nos.19916-19917/2022 Keeping in view the averments in the applications, delay in filing (75 days) and re-filing (144 days) the present appeal is condoned. Appeal is taken on record. Accordingly, the applications stand disposed of. ITA No.126/2022 1. Present Income Tax Appeal has been filed challenging the order dat....

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....low:- "PERSISTENT SYSTEMS LTD. (PERSISTENT) 16. Persistent is taxpayer's own comparable which is has now sought to be excluded on the ground that its segmental financials are not available. Perusal of the profit & loss account for the year under assessment, available at page 388 of the paper book (Annual Reports), shows that the income of Persistent is from sale of software servi....

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....angibles which increased its brand value and its segmental financials are not available, is not a suitable comparable vis-à-vis the taxpayer, hence ordered to be excluded. xxx xxx xxx INFINITE DATA SYSTEMS PVT. LTD. (INFINITE) 32. So, in view of what has been discussed above, we are of the considered view that Infinite is functionally dissimilar vis-à-vis t....

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....unt of diversified operation, substantial brand value and huge intangible assets having significant AMP spent and R & D expenses. Zylog cannot be a valid comparable vis-a-vis taxpayer which is a captive software development service provide to its AE only, so we order to exclude the same." 5. Keeping in view the aforesaid, this Court is of the opinion that it would be incorrect to state that the....