PASSED BY THE INCOME TAX
APPELLATE TRIBUNAL AND DIRECT EXCLUSION OF ICRA
ONLINE LIMITED AND JEEVAN SCIENTIFIC TECHNOLOGIES
LIMITED FROM THE SET OF COMPARABLE COMPANIES ... present case, Tribunal's
decision to uphold inclusion of M/s ICRA Online
Limited in set of comparable companies to the
Appellant-Assessee
perused the orders and heard
the rival contentions. Notes to accounts of
ICRA Techno Analytics Ltd forming a part of
its audited financial statement ... Computer
Exchange Private Limited (CEPL) and
subsequently became wholly owned subsidiary
Of ICRA Limited on August 25, 2005 and was
renamed as ICRA Techno Analytics
holding that the certain comparables, namely,
M/s. ICRA Techno Analytics Ltd, M/s. Persistent
Systems & Solutions Ltd., M/s. Persistent
Systems ... revenue is regarding the
directions of DRP to exclude 1] M/s. ICRA Techno
Analytics Ltd., 2] M/s. Persistent Systems &
Solutions
Ordered accordingly.
33. Continuing his arguments seeking
exclusion, Ld. AR submitted that ICRA Online Ltd,
Date of Judgment ... opinion that the
question whether the foreign exchange earnings
of ICRA was above or below the limit of 75% was
not verified
Ikanos Communication India Pvt. Ltd.
4/13
and Solutions Ltd, ICRA Techro Analytics Ltd,
Kals Information Systems Ltd and Infosys Ltd
from list of comparables ... perused the orders and heard
the rival contentions. Notes to accounts of
ICRA Techno Analytics Ltd forming a part of
its audited financial statement
setting aside the directions of the
DRP with regard to comparables, namely,
ICRA online, Infosys BPO and Micro Land
Limited even when the decisions relied ... against the DRP's direction to the TPO to
exclude ICRA online Ltd., Infosys BPO Ltd &
Microland Ltd as comparables. In this regard
right in law in
excluding the comparables, namely Asia
Business Exhibition Conference, ICRA Techno
Analysis Ltd, Kals Information Systems Ltd,
HCCA Business Services, Hindusthan Housing ... India Pvt. Ltd., in IT(TP)
No.212/Bang/2015, we exclude ICRA Techno
Analytics Ltd. (seg) from the list of comparables
selected
Kals Information
Systems Ltd., M/s. Persistent Systems Ltd., Tata
Elxsi Ltd., ICRA Techno Analytics Ltd., on the
ground of functional dissimilarity by following ... challenges the
direction of Hon'ble DRP to exclude the companies
ICRA Techno Analytics Ltd., Persistent Systems
Ltd., and Infosys Ltd., on the ground
right in law in
excluding the comparables, namely Asia
Business Exhibition Conference, ICRA Techno
Analysis Ltd, Kals Information Systems Ltd,
HCCA Business Services, Hindusthan Housing ... India Pvt. Ltd., in IT(TP)
No.212/Bang/2015, we exclude ICRA Techno
Analytics Ltd. (seg) from the list of comparables
selected
seeking exclusion. Out of these 6
comparables excluded by DRP, one comparable
ICRA Techno Analytics Ltd. is having RPT in
excess of 15% and therefore
