2024 (11) TMI 319

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....ann, JSC For the Respondent: Ms. Ananya Kapoor, Adv ORDER 1. The Principal Commissioner questions the judgment handed down by the Income Tax Appellate Tribunal ["Tribunal"] and posits the following questions of law for our consideration: "i) Whether the Ld. ITAT erred in excluding Infosys BPO Ltd. and TCS E-serve Ltd. from the list of comparables for determination of arm's le....

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....analysis, whereas the Indian law and the international jurisprudence recognize the reality that there cannot be an exact comparable in a given situation without any differences and that such stringency will defeat the purpose of flexibility provided in comparability analysis for determination of ALP under TNMM?" 2. We note that the dispute itself, as pressed before us on this appeal, stands con....

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....d. (2013 SCC OnLine Del 2521)." 3. We note that the Court in CIT v. Agnity India Technologies Pvt. Ltd. [2013 SCC OnLine Del 2521] had observed as follows:- "5. The tribunal has observed that the assessee was not comparable with Infosys Technologies Ltd., as Infosys Technologies Ltd. was a large and bigger company in the area of development of software and, therefore, the profits earne....

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.... Revenue Rs. 9,028 Crores Rs. 16.09 Crores Ownership of branded/proprietary products Develops/owns proprietary products like Finacle, Infosys Actice Desk, Infosys iProwe, Infosys mConnect, Also, the company derives substantial portion of its proprietary products (including its flagship banking product suite "Finacle") Onsite v. Offshore-As much as half of the software developme....