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TMI Blog2018 (7) TMI 2003X X X X Extracts X X X X X X X X Extracts X X X X ..... ial questions of law formulated by the Revenue in the memorandum of appeal : "1. Whether, on the facts and in the circumstances of the case, that the Tribunal is right in law in excluding M/s. Bodhtree Consulting Ltd., M/s. Infosys Ltd. and M/s. Tata Elxsi Ltd., even when the decision followed by the Tribunal in the case of Cisco Systems India (ITA No. 271/B/14) has not reached finality and the Transfer Pricing Officer had adopted the said comparables as they satisfied all the qualitative and quantitative filters applied by the Transfer Pricing Officer ? 2. Whether, on the facts and in the circumstances of the case, that the Tribunal was right in law in holding that foreign exchange trans actions are to be considered as operative in nat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ta warehousing, software consultancy, design and development of solutions, using latest technologies.' 13.2.2 The learned authorised representative further submitted that the website of 'Bodhtree' suggests that it is a global information technology consulting and product engineering services provider with its key areas being product engineering, analytics, cloud and enterprise services. The services offered include : - Product engineering outsourced product development, microsoft share point services, SOA services and Q and A managed testing services. - Analytic Services includes SAP BOBJ, OBIEE, big data, etc. - Cloud services including clout applications and platforms, social enterprise, etc. - Enterprise Services in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l on record including the judicial pro nouncement relied on by the assessee. We find that a Co-ordinate Bench of this Tribunal in the case of CISCO Systems (India) Pvt. Ltd. (supra) for the assessment year 2009-10, following the decisions of the Mumbai Benches of the Income-tax Appellate Tribunal in Nethawk Networks Pvt. Ltd. in I. T. A. No. 7633/Mum/2012 dated November 6, 2013 and Wills Processing Services (I) Pvt. Ltd. in ITA No. 4547/Mum/2012 had omitted this company from the list of com parables to a software development service provider as it was established to be in software product company. At para 26.1 of its order, the Co-ordinate Bench held as under : . . . 13.5.2 Following the aforesaid decision of the Co-ordinate Bench of this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Tribunal in the case of CISCO India Pvt. Ltd. (supra) for the assessment year 2009-10, we hold that 'Infosys' cannot be regarded as a comparable to a captive software development service provider, like the assessee in the case on hand, and consequently direct the Assessing Officer/Transfer Pricing Officer to exclude this company from the list of comparables. 15.4.1 We have heard the rival contentions and perused and carefully considered the material on record ; including the judicial pronouncement relied upon by the assessee. We find that a Co-ordinate Bench of this Tribunal in the case of CISCO Systems (India) Pvt. Ltd. (supra), following the decision in that assessee's own case for the assessment year 2007-08 (ITA No. 1076 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... antum of international trade and transactions depends upon the fair and quick judicial dispensation in such cases. Had it been a case of substantial question of interpretation of pro visions of Double Taxation Avoidance Agreement (DTAA), interpretation of provisions of the Income-tax Act or overriding effect of the treaties over the domestic legislations or the questions like treaty shopping, base erosion and profit shifting (BEPS), transfer of shares in tax havens (like in the case of Vodafone etc.), if based on relevant facts, such substantial questions of law could be raised before the High Court under section 260A of the Act, the courts could have embarked upon such exercise of framing and answering such substantial question of law. On ..... X X X X Extracts X X X X X X X X Extracts X X X X
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