TRX Technologies India Pvt Ltd vs Dy. CIT
The assessee is an Indian company engaged in the business of rendering back office and related services, and software maintenance support to its Associated Enterprises (AEs); predominantly related to travel and tourism industry.
Assessee sought 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. Read more.
In similar circumstances and for the same assessment year, Bangalore ITAT in the case of Aspect Technology Centre (India) Pvt. Ltd. Vs. ITO has held that the above companies are functionally dissimilar and cannot be taken as a comparable. Thus the tribunal agreed to exclude these comparables in the present case as well.
Transaction: International transaction with AE
Subjects: DRP, Reference – Tax Authority, Scrutiny Assmt
Industry: Information Technology