Fcs Software Solutions Ltd vs La Medical Devices Ltd. & Ors on 9 July, 2008
Author: C.K. Thakker
Bench: D.K. Jain ... ARISING OUT OF
SPECIAL LEAVE PETITION (CIVIL) NO. 21123/2007
FCS SOFTWARE SOLUTIONS LTD. ... APPELLANT
VERSUS
LA MEDICAL DEVICES LTD. & ORS. ...RESPONDENTS
companies as comparables in ITS segment :
i. Kals Information Systems Ltd;
ii. FCS Software Solution Ltd; and
iii. Helios & Matheson Information Technology ... Counsel for the assessee submitted that the TPO has erred in
including FCS Software Solutions Ltd. in the final set of comparables. The
ld. Counsel
CGWB for short),
are entitled to benefit of the Flexible Complementing Scheme (FCS).
Sandeep Kumar Swaroop, the first respondent in
WP(C)No.1473/2017 ... working as Scientist-B seeks
ante dating of his promotion under the FCS.
2. The respondents, in Writ Petition No. 9413/2016, 33 in number
proceedings, assessee made
written submissions and mentioned that the impugned forward contracts (FCs) are
linked or incidental to the export invoices of the year ... constitutes business loss'. Referring to the rest of the loss-yielded FCs, which are
cancelled prior to the due date, assessee mentioned that they
there is decision of the Tribunal where it is held that
the FCs are not commodities, considering the judgment of
Hon‗ble High court ... business‗, and thus, considering the nature of these
transactions, the impugned FCs cannot be deemed as the
speculation business without going into the "nature
Revenue are extracted as under :
"1. The DRP erred to exclude FCS Software Ltd. from the list of comparable
companies, when Delhi ITAT ... Revenue relates to the correctness of the exclusion
of FCS Software Ltd. as a comparable against the decision of the TPO who
considered the same
Secretariat of the Scientific Ministries / Departments to
higher grades under FCS. Field Experience of at least 2 years
and 5 years respectively will be essential ... assessment by the Selection Committee which assesses their
suitability for promotion under FCS, i.e. suitability with respect
to all criteria under FCS including suitability
verification of submissions,
the AO held that the assessee has entered into FCs with the financial
institutions and where closed without actual delivery of goods ... conclusion that the assessee is in the business of entering
into FCs and the same cannot be said to be hedging transaction. In the
instant
circumstances of the case and in law in excluding the
comparables FCS Software India Ltd. which was selected by the TPO,
on the basis that ... rejecting
companies (i.e Infosys Technologies Limited, and FCS Software Solutions
Limited), considered as comparable by the TPO, on account of the vast
difference
further averred that though the due provision exists under Flexible Complementing Scheme (FCS in short) for the effective date of promotion to the next higher ... case of the Applicants that as per the extant Government instructions, the FCS being a Scheme for in situ promotion, and the Applicants being eligible
