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is able to utilize its resources optimally. Hence, the software was implemented in other locations within the group to make optimal use of the bench strength. Accordingly, the appellant renders software customization, implementation and support services to its AEs which is limited to the I-Loan software being used by it for its own business operations. Functions performed by the appellant can be broadly classified into the following:

· Assessing the needs and requirements of the associated enterprises.

· Implementation of modules and software customization to make it adaptable for use by associated enterprises;

· Sourcing additional modules from third party vendors if required;

· Making available Data Centre Hardware (server, etc.) to the Associated enterprises;

· On-going personnel support as required by the associated enterprise for ensuring smooth functioning of IT applications; and · Upgradation and implementation of on-going enhancements to the software.

4. The revenues from this division includes many combination Viz sale of hardware embedded with customized software, sale of licenses with no. of users, revenue sharing in mobile roaming usage, upfront fee or product installation, annual maintenance income, sharing of prepaid billing solutions.

Citi Financial Consumer Finance India Ltd.

Hence it is practical difficult to state number of licenses sold and revenues earned from this division. Each invoice varies from customer to customer, strictly prices are not comparable and not attributed to particular head of revenue. (copies of invoices are included)

32. The submissions of the assessee on the comparables which were included by it and rejected by the TPO were as under:

Orient Information Technologies Ltd. (OITL):

"The ld. TPO has not given any particular reason in its order as to why OITL has been excluded from the set of comparables. As per the transfer pricing study report of the appellant, OITL designs, develops and deploys customized software solutions and applications (Custom Application Development Services). The Id. TPO its order has not raised any specific contention with respect to the functionality of the Company. Accordingly it is submitted that the Id. TPO agrees to the fact that the Company is functionally comparable to the appellant.