The Tribunal held that Company providing onsite Information Technology Enabled Services, having High-End Consultancy Services, company being Product Development Company with presence of Intellectual Property Rights and with Related Party Transactions of more than 25 Per Cent., Company engaged In Diverse Functions but No Segmental Data Available, Company Having Huge Brand Name And Owning Significant Intangibles, Company Engaging In Knowledge Process Outsourcing are not to be included in the list of comparables. It was further held that although a company had a different financial year, the results of this company for the relevant financial year as that of the assessee could be carved out, and in such an event, this company which was otherwise comparable should be regarded as a comparable company. (AY. 2010-11, 2011-12)
U.L. India Pvt. Ltd. v Dy. CIT (2022)96 ITR 191 (Bang)(Trib)
S. 92C : Transfer pricing-Arm’s length price-Comparables-Assessee Engaged In Offshore Information Technology Enabled Services-Not to be included in list of comparables-Company having different financial year-Results of company for relevant financial year could be carved out-To be included in list of comparables-Working Capital Adjustment-Allowable on actual basis without any restriction.