2015 (5) TMI 1105

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..... onically on 25.09.2009 declaring loss of Rs. 15,74,210 under normal provisions of I.T. Act and the same was processed under section 143(1). The case was selected for scrutiny and notices were issued under section 143(2) and 142(1). As the assessee's international transactions were more than Rs. 15 crores, reference was made to the TPO for valuation of the ALP of the transactions and as the adjustment proposed by the TPO was detrimental to the interests of the assessee, draft order was forwarded to the assessee as per the provisions of section 144C and the assessee filed objections before the DRP. The DRP after considering the submissions, issued directions under section 144C(5) of the I.T. Act. The ACIT, Circle 1(2), Hyderabad received the .....

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..... d., 20.80% 16. Thirdware Solutions 22.28% 17. Zylog Systems Ltd., 15.00% 3.1. The Ld. Counsel for the assessee pointed out that out of that 17 comparable companies, Bodhtree Consulting Ltd., cannot be compared as it is product based and functionally different. Further, it has abnormal super profits during the year. Ld. Counsel for the assessee relied on the decision of Hyderabad ITAT in the case of Allianz Global Services I.T. India P. Ltd., vs. DCIT ITA.No.58/Hyd/2014. The next company which is dissimilar according to the Ld. Counsel for the assessee is Infosys Ltd., which has high brand value and the Ld. Counsel for the assessee again relied on the decision of Allianz Global Services I.T. India P. Ltd., The third company which is .....

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..... odhtree Consulting Ltd., and Kals Information Systems. The Coordinate Bench of Hyderabad Tribunal also in the case of Allianz Global Services I.T. India P. Ltd., (supra) has followed the order in the case of Cisco Systems India P. Ltd., and held that Bodhtree Consulting Ltd., Infosys Ltd., and Kals Information Systems are not comparable for various reasons. Similar reasons as in Allianz Global Services I.T. India P. Ltd., (supra) are to be found in the present case and hence the conclusion drawn in Allianz Global Services I.T. India P. Ltd., (supra) is to be adopted in the present case. Hence, we are of the opinion that Bodhtree Consulting Ltd., Infosys Ltd., and Kals Information Systems are to be deleted from the list of comparables, in wh .....

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