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TMI Blog2019 (1) TMI 1901X X X X Extracts X X X X X X X X Extracts X X X X ..... ies were selected by learned TPO while framing transfer pricing assessment in the hands of Vodafone India Services Pvt. Ltd. for A.Y. 2008-09. Hence, we hold that there is no harm in following learned DRP‟s order and order of this Tribunal for assessee-herein. From the aforesaid table, it could be seen that average of final eight comparable works out to 15.85%, whereas assessee‟s margin was 15.65%. Giving credit to the assessee for range of plus/minus 5%, we hold that assessee‟s margin would be at arm‟s length. - SHRI C.N. PRASAD (AM) AND SHRI BALAGANESH (JM) For the Assessee : Shri Jehangir D. Mistri For the Department : Shri Airiju Jaikaran ORDER Per M. Balaganesh (AM) : This appeal is directed against the final ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vices Pvt. Ltd. and the assessee and entire business of the assessee was transferred as going concern to Vodafone India Services Pvt. Ltd. from December, 2007. IT enabled service business of the assessee was carried out up to 4.12.2007 and thereafter the same was transferred to Vodafone India Services Pvt. Ltd. as a going concern which in turn carried out the same business for the remaining period of financial year. Learned AR in order to address entire dispute raised in the grounds of appeal and to cut it short stated, that the learned TPO in the hands of Vodafone India Services Pvt. Ltd. also took the very same seventeen comparables as were taken in the hands of the assessee for the very same assessment year for determination of ALP. He p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Name of the Comparable Sales Total Cost Op. Profit OP/TC No 1 Accentia Technologies Ltd (Seg.) 407293974 287301205 119992769 41.76% 2 Acropetal Technologies (Seg.) 208000505 153737300 54263205 35.30% 3 Aditya Birla Minacs Worldwide Ltd 1881373000 1840860000 40513000 2.20% 4 Coral Hubs Ltd (Formerly Vishal Information Technologies Ltd) 380784348 252713811 128070537 50.68% 5 Cosmic Global Ltd 58663285 47577163 11086122 23.30% 6 Crossdomain Solutions Ltd 265981723 209497067 56484656 26.96% 7 Datamatics Financial Services Ltd (Seg.) 61925019 45915837 16009182 34.87% 8 e4e Healthcare Solutions Ltd 258185816 221205351 36980465 16.72% 9 Eclerx Services Ltd 1221990000 736670000 485320000 65.88% 10 Genesys International Corporation Ltd 471943198 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned AR placed a chart before us stating that margin of these eight comparables would as under :- Sr. No. Name of Company OP/TC 1 Aditya Birla Minacs Worldwide Lt. 2.20% 2 E4e Healthcare Solutions Ltd. 16.72% 3 HCL Comnet Systems Services Ltd.(Seg.) 32.90% 4 Infosys BPO Ltd. 20.01% 5 Iservices India Pvt. Ltd. 9.58% 6 R. Systems International (Seg.) 4.30% 7 Spanco Ltd. (Seg.) 11.04% 8 Wipro Ltd. (Seg.) 30.05% 10. Now, pertinent question that remains to be answered is as to whether orders passed by learned DRP and by this Tribunal in the case of Vodafone India Services Pvt. Ltd. could be used in the hands of the assessee herein. 11. We find that the very same business carried out by the assessee up to 4.12.2007 was carried out by Vodafone In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be decided afresh by the ld AO while giving effect to this order. 16. Ground IV raised by the assessee is with regard to levy of interest u/s. 234B 234C of the Act, which are consequential in nature and does not require any adjudication. 17. In the result, appeal of the assessee is partly allowed. Order has been pronounced in the Court on 23.1.2019. CORRIGENDUM ORDER ITAT MUMBAI Assessment Year : 2008-09 ITA No. 7520/Mum/2012 30-04-2019 M/s. Hutchison Global Services Pvt. Ltd. Versus DCIT-Range (9)(2), Mumbai Shri C.N. Prasad, JM And Shri M. Balaganesh, AM CORRIGENDUM ORDER In the order passed by this Tribunal in ITA No. 7520/Mum/2012 on 23/01/2019 in para-3, page-2, it was mentioned as under:- During the year under consideration, the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rsion of the said para should be as under:- We find that the very same business carried out by Vodafone India Services Pvt. Ltd, up to 4.12.2007 was carried out by the assessee for the remaining part of the financial year.... 3. In paragraph 8 at page 4 of the order passed by this Tribunal it has been mentioned with regard to exclusion of two comparables for benchmarking the international transactions as under:- 8. Aggrieved by this order, we find that the assessee preferred an appeal before this Tribunal and the Tribunal further directed to exclude following two comparables vide its order in ITA No. 7514/Mum/2013 dated 10.12.2014: Mold-Tek Technologies Ltd Cosmic Global Ltd 4. The correction version of the said paragraph should be read as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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