learned Panel erred on facts and law while including
Persistent Systems Limited as a comparable in respect of its software
development services segment whereas ... assessee is requesting for exclusion
of 1) Persistent Systems Ltd., 2) Infosys Ltd., 3) Genesys International Ltd. and
4) Larsen & Toubro Infotech
margin
(Adjusted
OP/OC) I
Acropetal Technologies Ltd. 20.75% 17.99%
Persistent Systems & 22.21% 17.90%
Ltd. [Merqed] Ltd. I
Evoke Technologies ... comparable
to the appellant:
(i) Persistent systems Ltd
(ii) Sasken Communication Technologies Ltd.,
(iii) Zylog systems Ltd.,
(iv) Persistent systems and solutions Ltd
(v) Wipro
Third-ware Solutions Ltd. 34.18 31.73
9 Persistent System Ltd. 29.51 27.57
10 Infosys 45.01 43.86
11 Akshay Software Ltd. (-)0.01 (-)0.99
12 Thinksoft Global ... Respondent's contentions, with respect to
erroneous rejection of Persistent Systems & Solutions Ltd. by the TPO / AO,
are factually incorrect. In this connection
Solutions (P) Ltd.,
16. Megasoft Ltd.,
17. Mindtree Consulting Ltd.,
18. Persistent Systems Ltd.,
19. Quintegra Solutions Ltd.,
20. R S Software (India ... Infotech Limited
9. KALS Infosystems Limited
10. Lucid Software Limited
11. Persistent Systems Limited
12. Tata Elxsi Limited (Seg.)
13. Thirdware Solutions Limited
14. Wipro
list of comparables, which are: (i) Infosys
Technologies Ltd., (ii) Persistent Systems Ltd. and (iii) Wipro Technology
Services Ltd. He submits that Persistent Systems ... exclude Infosys Technologies Ltd. from the list of comparables.
(iii) Persistent Systems Ltd.
41. Though this company was included by the assessee in its list
viii. LGS Global Ltd.
ix. Mindtree Limited (Segmental)
x. Persistent Systems Pvt. Ltd.
xi. Quintegra Solutions Limited
xii. R System International Limited
xiii. Softsol India
Global 26.64
10 Mindtree Consulting (Seg.) 17.51
11 Persistent Systems 27.23
12 Quintegra Solutions 21.74
13 RS Software (India) Ltd. 6.46
14 R Systems International ... Biolabs Ltd
4. Infosys Technologies Ltd
5 GS Global Ltd
6 Persistent Systems Ltd
7 Quintegra Solutions Ltd
8 Softsol India Limited
based on
unreasonable comparability criteria:
13.1. For software development services segment, Persistent
Systems Limited should not be selected as comparable to the
Appellant ... Panel is correct in excluding
ICRA Techno Analytics Ltd, M/s Persistent Systems & Solution
Ltd and KALS information systems Ltd, while the comparable
Jcit, New Delhi vs M/S. Steria India Pvt. Ltd., Noida on 17 November, 2020
Mediasoft Solutions Ltd
16 Megasoft Ltd (seg)
17 Mindtree Ltd
18 Persistent Systems Ltd
19 Quintegra Solutions Ltd
20 R S Software (India ... liable to be excluded from the list of comparables."
12) Persistent Systems Ltd.
"17.1.1 This company was selected
