Document Fragment View

Matching Fragments

15. We heard the rival submissions and perused the material on record. The Tribunal on this issue in the case of Radisys India Ltd. (supra) held as under:-

"8.1. The two comparables that assessee seeks to exclude on functional dissimilarities are: 
      (i)     Infobeans Technologies Ltd. and
        (ii) Cygnet Infotech Pvt. Ltd.

      (i)    Infobeans Technologies Ltd.
8.2 The Ld.AR submitted that, this company is engaged in Automation Engineering, Customized Software, Custom Application Development (CAD), Content Management Systems, Enterprise Mobility and Big data Analytics. It is the submission of the Ld.AR that this comparable is functionally not similar to the assessee. He also submitted that, there is no segmental details available in respect of the revenue generated by this company and that the content management, Analytic services are considered to be KPO as per safe harbour rules. This comparable was decided to be excluded from the list of comparables by the coordinate bench of Tribunal vide IT(TP)A IT(TP)A No.292/Bang/2022 No.210/Bang/2021 in the case of EIT Services India Pvt. Ltd. Vs. Deputy Commissioner of Income-tax for the AY 2016-17, wherein held as under:
"INFOBEANS TECHNOLOGIES LIMITED Founded in 2000, InfoBeans Technologies is a leading player offering Customized Software, Digital, Transformation and Enterprise Mobility solutions for clients across the globe. With two state-of-the-art facilities in India, the CMMI level 3 certified Company caters to Fortune 100 clients in USA, Germany and Middle East markets. The Company caters to a wide range of segments in the industry, including distributed storage systems, multi-format multimodal content and e-commerce web and mobile platforms for diverse sectors. The Company's transparent operations, professional team of over 700 employees and high customer focus has enabled it to grow a blue-chip client base with over 90% repeat business."