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TMI Blog2024 (8) TMI 922X X X X Extracts X X X X X X X X Extracts X X X X ..... mparable Holtec Consulting Pvt. Ltd. is by way of consultancy and hence cannot be compared with an EPC company. The revenue argued that the distinction is devoid of merit as the assessee is also fundamentally a service organization to facilitate execution. We do not find any strength in the argument of the revenue as the functionality of the comparable has not been met with that of assessee. Neil Soft Ltd. - AR submitted that the company is functionally not comparable as Neil Soft Ltd. is engaged in software engineering services and selling software products. The revenue argued that the distinction is devoid of merit as the assessee is also fundamentally a service organization to facilitate execution. We do not find any strength in the argu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Ld. AO not in accordance with law: 2. The final order passed by Ld. AO is void ab initio as the same is not in conformity with law. Rejection of economic analysis of the Appellant: 3. The Ld. AO/Ld. TPO/Hon'ble DRP have erred, in law and in facts, by not accepting the economic analysis undertaken by the Appellant in accordance with the provisions of the Act read with the Rules and conducting a fresh economic analysis for the determination of the ALP of the impugned international transactions and holding that the Appellant's international transactions are not at arm's length. Ground pertaining to adjustment in Integrated Project Management (IPM) segment: 4. The Ld. AO/ Ld. TPO/ Hon'ble DRP have erred in making an adjustment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al profits) as comparable to the Appellant to benchmark the impugned transaction. Common Ground: 7. The Ld. AO has erred in initiating penalty proceedings under Section 271(1)(c) read with Section 274 of the Act against the Appellant. 3. Schlumberger Solutions Service Pvt. Ltd. is an Indian company engaged in the business of providing system consultancy and integration services, solutions assistance maintenance services relating to hardware and software, data management services integrated project management services to oil and gas exploration companies. 4. The TPO vide order dated 05.09.2017 in the order passed u/s 92CA(3) of the Income Tax Act, 1961 has proposed an enhancement of the income of the assessee by Rs. 1,62,37,600/- on account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of the revenue as the functionality of the comparable has not been met with that of assessee. Neil Soft Ltd.: 8. The ld. AR sought to exclude this comparable which has been included by the TPO. The ld. AR submitted that the company is functionally not comparable as Neil Soft Ltd. is engaged in software engineering services and selling software products. The revenue argued that the distinction is devoid of merit as the assessee is also fundamentally a service organization to facilitate execution. We do not find any strength in the argument of the revenue as the functionality of the comparable has not been met with that of assessee. Market Support Service: Info Edge India Ltd. 9. The ld. AR sought to exclude this comparable which has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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