Case Law Details
TRX Technologies India Pvt. Ltd. Vs DCIT (ITAT Bangalore)
The assessee is contending to exclude from the list of comparables M/s. Acropetal Technologies Limited (Seg.), M/s. Accentia Technologies Limited, ICRA Online Ltd. and Jeevan Scientific Technology Limited. In similar circumstances and for the same assessment year, the jurisdictional Tribunal in the case of Aspect Technology Centre (India) Pvt. Ltd. Vs. ITO (supra) has held that the above companies are functionally dissimilar and cannot be taken as a comparable.
ITAT held that Since the profile of the assessee and that of the Aspect Technology Centre (India) Pvt. Ltd. Vs. ITO (supra) being similar and the assessment year being the same (i.e. A.Y. 2011-12), we follow the co-ordinate Bench of the Tribunal in the case of Aspect Technology Centre (India) Pvt. LTd. Vs. ITO (supra) and direct the AO / TPO to exclude M/s. Acropetal Technologies Limited (Seg.), M/s. Accentia Technologies Limited, ICRA Online Ltd. and Jeevan Scientific Technology Limited from the list of comparables.
FULL TEXT OF THE ITAT JUDGEMENT
This appeal at the instance of Revenue is directed against the assessment order dt. 27.01.2016, passed under Section 143(3) r.w.s. 144C of the Income Tax Act, 1961 (‘the Act’), in pursuance to the directions of Dispute Resolution Panel (‘DRP’). The relevant Assessment Year is 2011-12.
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