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(b) Larsen and Toubro Infotech Ltd. ('L&T') -

This company deals with software products and renders aftermarket service management services, integrated Information Technology ('IT') service management Software as a Solution, business process management implementation services, cloud computing, consulting, enterprise integration, geographical information system and infrastructure management services. Despite rendering these diverse services, the segmental details of the various services and products are not available. The company's business segments are divided into service cluster, industrial cluster and telecom IT(TP)A No. 49/Bang/2019 business. In the absence of segmental data being made available as regards the diverse services, it is not possible to determine whether the company passes the filters applied by the TPO. Therefore, the company ought to be excluded. Further, the company is a market leader and thus enjoys significant benefits on account of ownership of marketing intangibles, intellectual property rights and business rights. Also, in addition to the above, the company owns proprietary software products which are developed in-house. Accordingly, it was submitted that L&T is a product company having significant intangibles and is thus not comparable to captive software development service providers such as the assessee who does not own any significant or non-routine intangibles. Further, L&T enjoys significant brand value. As a result of this high brand value, the company enjoys a high bargaining power in the market.