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 Sl. No.                       Name of the case                                   OP/OC
1          Accentia Technologies Limited                                   11.75
2          Universal Print Systems Ltd. (Seg.)(BPO)                        52.46
3          Informed Technologies India Ltd.                                6.08
4          Infosys BPO Ltd.                                                36.30
5          Jindal Intellicom Ltd.                                                - 0.05
6          Microgenetic Systems Ltd.                                       19.61
7          TCSE - Serve Ltd.                                               63.69
8          BNR Udyog Ltd. (Seg.)(Medical Transc)                           41.58
9          Excel INfoways Ltd. (Seg.)                                      29.79
10         e4e Healthcare Services Pvt. Ltd.                               19.85
           Average PLI                                                     28.11 %


5.4          The TPO then computed the arms length price ('ALP') of the
" 11. The relevant portion of the order from the assesse's case in IT (TP)A no. 1765/Bang/2013 & IT(TP)A.1783/Bang/2013 dt 04.11.2015 for ay 2008-09 is extracted as under :
" 6.7 Infosys BPO Ltd.
6.7.1 As far as this company, chosen by the TPO as comparable, is concerned, the learned Authorised Representative for the assessee submitted that this company, being a wholly owned subsidiary of Infosys Technologies Ltd. would enjoy a premium in the market, due to brand value and goodwill of the parent company, whereas the assessee is a low end provider of BPO / ITES support services. It is submitted that Infosys BPO Ltd. incurred huge selling and marketing expenses and is not only a market leader but also has huge, IT(TP)A No.451/Bang/2017 breadth in terms of economies of scale with diversity and worldwide geographical dispersion of customers. It is submitted that in view of these factors, Infosys BPO Ltd. is functionally dissimilar and different from the assessee in the case on hand. In support of its proposition for excluding this company from the list of comparables, the learned Authorised Representative placed reliance on the decision of the coordinate bench of this Tribunal in the case of Symphony Marketing Solutions India Pvt. Ltd. (supra) for Assessment Year 2008-09 wherein this company was excluded from the set of comparables.
" (7) Infosys BPO Ltd
24. This company is listed at Sl.13 in the list of comparable companies chosen by the TPO.

As far as this company is concerned, it is the submission of the ld. counsel for the assessee that this company has a brand value and therefore there would be significant influence in the pricing policy which will impact the margins. Schedule 13 to the profit & loss account of this company for the F.Y. 2007-08 shows that this company incurred huge selling and marketing expenses. Page 133 of the annual report of this company for the F.Y. 2007-08 shows that this company realizing its brand value has chosen to value the same on the basis of its earnings and that of Infosys. The brand value of the Assessee and Infosys has been valued at Rs.31,863 Crores. Infosys BPO, being a subsidiary of Infosys, has an element of brand value associated with it. This is also clear from the presence of brand related expenses incurred by this company. Presence of a brand commands premium price and the customers would be willing to pay, for the services/products of the company. Infosys BPO is an established player who is not only a market leader but also a company employing sheer breadth in terms of economies of scale and diversity and geographical dispersion of customers. The presence of the aforesaid factors will take this company out of the list of comparables. We therefore accept the contention of the assessee that this company cannot be regarded as a comparable."

Following the above cited decision of the co-ordinate bench of this Tribunal in the case of Symphony Marketing Solutions India Pvt. Ltd. (supra) for Assessment Year 2008-09, we are of the view that in the case on hand also, where the assessee is only providing low end ITES / BPO support services, this company i.e. Infosys BPO Ltd. is to be excluded from the list of comparables to the assessee in the case on hand. We hold and direct the TPO accordingly.

IT(TP)A No.451/Bang/2017 Thus, the assessee has made out a case in its favour from the above decisions. Following them, the TPO is directed to exclude Accentia Technologies Ltd , Acropetal Technologies Ltd & Infosys BPO Ltd from the list comparables and the assessee's corresponding appeal grounds are allowed."