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
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
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
departmental officers are governed by the system of Flexible Complementing Scheme (FCS for short) of in-situ promotion to the higher grades. Further, according ... they became eligible for such promotion in the year 1995 under the FCS of in-situ promotion. The relevant part of the said order reads
June, 2000 under the Flexible Complementing Scheme (hereinafter referred to as FCS) of in-situ promotion. The applicant further challenges the act of the respondents ... promoting him as Scientist E w.e.f. 27.03.2012 under the aforesaid FCS vide order dated 28.03.2012.
4. In OA No.2881/2013, the applicant
other hand, the Appellant which has 6.71% of the admitted
of FCs is being paid only 3.92% of the total resolution amounts. Canara Bank ... charge. However, the plan while distributing the
amounts inter-se category A FCs is entirely silent on the purported
justification offered by Canara Bank. Therefore
