Case Law Details
Case Name : Travelex India Pvt. Ltd. Vs DCIT (ITAT Mumbai)
Appeal Number : ITA no. 8192/Mum/2010
Date of Judgement/Order : 05/04/2019
Related Assessment Year : 2006–07
Courts :
All ITAT ITAT Mumbai
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Travelex India Pvt. Ltd. Vs DCIT (ITAT Mumbai)
Outcome: In favor of Assessee
Brief of assessee’s facts:
1. Travelex India (the assessee), a wholly owned subsidiary of Travelex Plc UK, was engaged in providing information technology enabled services (ITeS) to its AEs.
2. In order to benchmark the aforementioned transaction, the assessee chose TNMM as most appropriate method with OP/TC as profit level indicator. The assessee selected 20 companies as comparables with arithmetic mean of 9.93% against its margin earned at 16.04% and claimed its transaction at arm’s length.
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