Capgemini India (P.) Ltd. v. Asstt. CIT

33 Taxmann.com 5Income Tax Appellate Tribunal2013#7301 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2025.

Also reported as

147 ITD 330

Sections most often in play

Section 115BBC(3)Section 115BBC(I)Section 12A Section 12AB(1)Section 12AB(4)Section 13(1)(c)Section 143(3)Section 144B

Issues it is cited on

working capital adjustment tested party comparable companies most appropriate method tnmm international transaction transfer section 13 opportunity of being heard india person business

Judgments citing Capgemini India (P.) Ltd. v. Asstt. CIT

ACIT, CIRCLE- 9(1), NEW DELHI vs. FIS GLOBAL BUSINESS SOLUTIONS INDIA PVT. LTD., NEW DELHI

In the result, the appeal of the Revenue and CO of the assessee are partly allowed as above for statistical purposes

ITA 372/DEL/2018[2009-10]Status: DisposedITAT Delhi25 Aug 2025AY 2009-10

Bench: Shri Sudhir Pareek & Shri Avdhesh Kumar Mishra

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘I’: NEW DELHI BEFORE SHRI SUDHIR PAREEK, JUDICIAL MEMBER AND SHRI AVDHESH KUMAR MISHRA, ACCOUNTANT MEMBER ITA No.372/Del/2018, A.Y. 2009-10 Asst. Commissioner FIS Global Business Solution India of Income Tax, (P) Ltd. [formerly known as E- Circle-9(1), Vs. Funds International India (P) Ltd.] Room No.403, S-405 (LGF), CR Building, IP Greater Kailash Part-II, New Delhi Estate PAN: AAACH2815H New Delhi (Appellant) (Respondent) C.O. No. 64/Del/2018 (Arising out of ITA No.372/Del/2018, A.Y. 2009-10) FIS Global Business Solution India Asst. Commissioner (P) Ltd. [for…

ARISTOCRAT TECHNOLOGIES INDIA PRIVATE LIMITED,NOIDA vs. DCIT, CIRCLE-5(1)(1), NOIDA

In the result, appeal of the assessee is partly allowed in the terms aforesaid

ITA 3091/DEL/2024[2020-21]Status: DisposedITAT Delhi03 Jul 2025AY 2020-21

Bench: Shri Vikas Awasthy & Shri Avdhesh Kumar Mishraआअसं.3091/िद"ी/2024(िन.व. 2020-21) Aristocrat Technologies India P. Ltd., 8Tgh To 10Th Floor, Tower-11A, Plot No. 20 & 21, Candor Techspace, It/Ites Sez Complex, Sector-135, Noida, Up 201304 ...... अपीलाथ"/Appellant Pan: Aahca-9200-G बनाम Vs. Deputy Commissioner Of Income Tax, ..... "ितवादी/Respondent Circle-5(1)(1), Noida, Up Assessee By : Shri Atul Jain, Chartered Accountant Ms. Nishi Bhutani & Ms.Preeti Agnihotri, Chartered Accountants Department By : S/Shri S.K. Jhadav, Cit(Dr) & Rajesh Kumar Dhaneshta, Sr.Dr सुनवाई क" ितिथ/ Date Of Hearing : 04/04/2025 घोषणा क" ितिथ/ Date Of Pronouncement : : 03/07/2025 आदेश/Order Per Vikas Awasthy, Jm: This Appeal By The Assessee Is Directed Against The Assessment Order Dated 27.05.2024 Passed U/S. 143(3) R.W.S. 144C(13) R.W.S 144B Of The Income Tax Act,1961(Hereinafter Referred To As ‘The Act’). 2. The Facts Of The Case In Brief As Emanating From Records Are: The Assessee Is Engaged In Providing Design & Development Services To Its Associated Enterprises (Ae’S). The Assessee Is Also Rendering Global It Services To Its Ae’S

For Appellant: Shri Atul Jain, Chartered AccountantFor Respondent: S/Shri S.K. Jhadav, CIT(DR) & Rajesh Kumar Dhaneshta, Sr.DR

Section 143(3)Section 234BSection 270A

…आयकर अपीलीय अिधकरण िद"ी पीठ “एच”, िद"ी "ी िवकास अव"थी, "ाियक सद" एवं "ी अवधेश कुमार िम"ा, लेखाकार सद" के सम" IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “H”, DELHI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AVDHESH KUMAR MISHRA, ACCOUNTANT MEMBER आअसं.3091/िद"ी/2024(िन.व. 2020-21) Aristocrat Technologies India P. Ltd., 8tgh to 10th Floor, Tower-11A, Plot No. 20 & 21, Candor Techspace, IT/ITes SEZ Complex, Sector-135, Noida, UP 201304 ...... अपीलाथ"/Appellant PAN: AAHCA-9200-G बनाम Vs. Deputy Commissioner of Income Tax, ..... "ितवादी/Respondent Circle-5(1)(1), Noida, UP Assessee by : Shri Atul Jain,…

MODEL VILLAGE TRUST,DELHI vs. SH. PRAKASH DUBEY CIT EXEMPTION, DELHI , DELHI

In the result, both the appeals of the assessee are allowed

ITA 3190/DEL/2024[NA]Status: DisposedITAT Delhi09 Apr 2025

Bench: Shri Challa Nagendra Prasad & Shri Avdhesh Kumar Mishraआ.अ.सं/.I.T.A Nos. 3189 & 3190/Del/2024 िनधा"रणवष"/Assessment Year:- बनाम Model Village Trust, Sh. Prakash Dubey, E-89, 4Th Floor, Flat No.402, Vs. Cit Exemption, Abul Fazal Enclave, Part-1, New Delhi. New Delhi. Pan No.Aagtm6481K अपीलाथ" Appellant ""यथ"/Respondent

Section 12A

…ITA Nos.3189 & 3190/Del/2024 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “E”, NEW DELHI BEFORE SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER AND SHRI AVDHESH KUMAR MISHRA, ACCOUNTANT MEMBER आ.अ.सं/.I.T.A Nos. 3189 & 3190/Del/2024 िनधा"रणवष"/Assessment Year:- बनाम Model Village Trust, Sh. Prakash Dubey, E-89, 4th Floor, Flat No.402, Vs. CIT Exemption, Abul Fazal Enclave, Part-1, New Delhi. New Delhi. PAN No.AAGTM6481K अपीलाथ" Appellant ""यथ"/Respondent Assessee by Dr. Rakesh Gupta, Adv. Sh. Somil Agarwal, Adv. Sh. Shery Jain, Adv. Revenue by Ms. Monika Dhami, CIT DR सुनवाईक"तारीख/ Date of hearing: 09.04.2025…

MODEL VILLAGE TRUST ,DELHI vs. SH. PRAKASH DUBEY CIT EXEMPTION, DELHI, DELHI

In the result, both the appeals of the assessee are allowed

ITA 3189/DEL/2024[NA]Status: DisposedITAT Delhi09 Apr 2025

Section 12A

NORMURA RESEARCH INSTITURE FINANCIAL TECHNOLOGIES INDIA PRIVATE LIMITED,KOLKATA vs. ACIT,CIRCLE-2(2), KOL, KOLKATA

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 204/KOL/2017[2012-13]Status: DisposedITAT Kolkata09 Feb 2023AY 2012-13

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2012-13

For Appellant: Shri J. P. Khaitan, Sr. Counsel & ShriFor Respondent: Shri Amal Kamat, CIT, DR

Section 115JSection 143(3)Section 144CSection 144C(5)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH KOLKATA BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2012-13 Normura Research Institute Assistant Commissioner of Financial Technologies India Income-tax, circle-2(2), Private Limited (formerly Kolkata. known as Anshin Software Private Limited) Vs. Globsyn Crystals, Tower-1, 6th floor, Sector V, Salt Lake Electronics City, Kolkata-700 091. (PAN: AADCA8967A) (Appellant) (Respondent) Present for: Appellant by : Shri J. P. Khaitan, Sr. Counsel & Shri Protyush Jhunjhunwala, Advocate Respondent by : Shri Amal Kamat…

M/S CONTINENTAL AUTOMOTIVE COMPONENTS INDIA PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-2(1)(1), BANGALORE

In the result, the appeal is partly allowed

ITA 129/BANG/2019[2014-15]Status: DisposedITAT Bangalore29 Mar 2022AY 2014-15

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranassessment Year :2014-15 M/S. Continental Automotive Vs. Dcit, Components India Pvt. Ltd., Circle – 2(1)(1), Plot No.53B, Bommasandra Industrial Bengaluru. Area, Hosur Road, Attibele Hobli, Anekal Taluk, Bengaluru–560 099. Pan : Aakcs 9578 C Appellant Respondent Assessee By : Shri. T. Suryanarayana, Senior Advocate Revenue By : Shri. Mudavathu Harish Chandra Naik, Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 21.03.2022 Date Of Pronouncement : 29.03.2022 O R D E R

For Appellant: Shri. T. Suryanarayana, Senior AdvocateFor Respondent: Shri. Mudavathu Harish Chandra Naik, CIT(DR)(ITAT), Bengaluru

Section 143(3)Section 92

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI B. R. BASKARAN, ACCOUNTANT MEMBER Assessment Year :2014-15 M/s. Continental Automotive Vs. DCIT, Components India Pvt. Ltd., Circle – 2(1)(1), Plot No.53B, Bommasandra Industrial Bengaluru. Area, Hosur Road, Attibele Hobli, Anekal Taluk, Bengaluru–560 099. PAN : AAKCS 9578 C APPELLANT RESPONDENT Assessee by : Shri. T. Suryanarayana, Senior Advocate Revenue by : Shri. Mudavathu Harish Chandra Naik, CIT(DR)(ITAT), Bengaluru. Date of hearing : 21.03.2022 Date of Pronouncement : 29.03.2022 O R D E R Per N.…

M/S CONTINENTAL AUTOMOTIVE COMPONENTS INDIA PVT LTD ,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-2(1)(1), BANGALORE

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 713/BANG/2017[2012-13]Status: DisposedITAT Bangalore24 Nov 2021AY 2012-13

Bench: Shri N.V. Vasudevan & Shri Chandra Poojari

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru

Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER IT(TP)A No. 713/Bang/2017 Assessment year : 2012-13 M/s. Continental Automotive Vs. The Assistant Commissioner Components (India) Pvt. Ltd., of Income Tax, Plot No.53B, Bommasandra Circle 2(1)(1), Industrial Area, Hosur Road, Bengaluru. Attibele Hobli, Anekal Taluk, Bangalore – 560 099. PAN: AAKCS 9578C APPELLANT RESPONDENT Appellant by : Shri T. Suryanarayana, Advocate Respondent by : Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru. Date of hearing : 29.09.2021 Date…

ESSENTRA (INDIA) PVT LTD,BANGALORE vs. INCOME TAX OFFICER, WARD-2(1)(4), BANGALORE

In the result, the appeal filed by the assessee is treated as allowed for statistical purposes

ITA 1610/BANG/2017[2013-14]Status: DisposedITAT Bangalore05 Jun 2020AY 2013-14

Bench: Shri N.V Vasudevan, Vice Presidnet & Shri B.R Baskaran

For Appellant: Shri T Suryanarayana, AdvocateFor Respondent: Shri Pradeep Kumar, CIT (DR)

Section 133(6)Section 143

…IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH : BANGALORE BEFORE SHRI N.V VASUDEVAN, VICE PRESIDNET AND SHRI B.R BASKARAN, ACCOUNTANT MEMBER IT(TP)A No.1610/Bang/2017 Assessment year : 2013-14 M/s Essentra (India) Pvt. Ltd., Vs. The Income-tax Officer, No.3 (old plot Nos.18 and 23) Ward-2(1)(4), 3rd Main Road, Peenya Industrial Area, Bengaluru. Phase-1, Yeshwanthpur Hobli, Bengaluru-560 058. PAN - APPELLANT RESPONDENT Assessee by : Shri T Suryanarayana, Advocate Revenue by : Shri Pradeep Kumar, CIT (DR) Date of hearing : 04.06.2020 Date of Pronouncement : 05.06.2020 O R D E R Per B.R Baskaran, Accountant…

DCIT, CIR-2(2), KOLKATA, KOLKATA vs. M/S NOMURA RESEARCH INSTITUTE & FINANCIAL TECHNOLOGIES PVT. LTD., KOLKATA

In the result, the appeal of the assessee in ITA No

ITA 485/KOL/2016[2011-2012]Status: DisposedITAT Kolkata26 Oct 2018AY 2011-2012

Bench: Hon’Ble Shri A.T.Varkey, Jm & Hon’Ble Shri M.Balaganesh, Am ] I.T.A No. 284/Kol/2016 Assessment Year : 2011-12 Nomura Research Institute Financial Tech.(I) Pvt. Ltd. -Vs- Dcit, Circle-2(2), Kolkata (Formerly Anshin Software Pvt. Ltd.) [Pan: Aadca 8967 A] (Appellant) (Respondent) I.T.A No. 485/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-2(2), Kolkata -Vs- Nomura Research Institute Financial Tech.(I) Pvt. Ltd. (Formerly Anshin Software Pvt. Ltd.) [Pan: Aadca 8967 A] (Appellant) (Respondent)

For Appellant: Shri J.P. Khaitan, Senior AdvocateFor Respondent: Shri G. Mallikarjuna, CIT DR

Section 139(5)Section 143(3)Section 144C(5)Section 92Section 92F

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : KOLKATA [Before Hon’ble Shri A.T.Varkey, JM & Hon’ble Shri M.Balaganesh, AM ] I.T.A No. 284/Kol/2016 Assessment Year : 2011-12 Nomura Research Institute Financial Tech.(I) Pvt. Ltd. -vs- DCIT, Circle-2(2), Kolkata (formerly Anshin Software Pvt. Ltd.) [PAN: AADCA 8967 A] (Appellant) (Respondent) I.T.A No. 485/Kol/2016 Assessment Year : 2011-12 DCIT, Circle-2(2), Kolkata -vs- Nomura Research Institute Financial Tech.(I) Pvt. Ltd. (formerly Anshin Software Pvt. Ltd.) [PAN: AADCA 8967 A] (Appellant) (Respondent) For the Appellant : Shri J.P. Khaitan, Senior…

NOMURA RESEARCH INSTITUTE FINANCIAL TECHNOLOGIES INDIA PVT. LTD. (FORMERLY KNOWS AS ANSHIN SOFTWARE PVT. LTD.,),KOLKATA vs. DCIT, CIRCLE - 2(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

ITA 284/KOL/2016[2011-2012]Status: DisposedITAT Kolkata26 Oct 2018AY 2011-2012

For Appellant: Shri J.P. Khaitan, Senior AdvocateFor Respondent: Shri G. Mallikarjuna, CIT DR

Section 139(5)Section 143(3)Section 144C(5)Section 92Section 92F

SIEMENS INDUSTRY SOFTWARE (INDIA) PVT. LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, appeal of the assessee is allowed in part for statistical purposes

ITA 1307/DEL/2014[2009-10]Status: DisposedITAT Delhi14 Sept 2018AY 2009-10

For Appellant: S/Shri Ravi Sharma & Anubhav RastogiFor Respondent: Shri Sanjay I. Bara, CIT DR

Section 92C

…and in the absence of either, the company continues to be a good comparable. 18. Learned DRP held that in view of the decision in the case of Willis Processing Services (I) P. Ltd. Vs DCIT (2013) 30 Taxmann 350 and also Capgemini India P. Ltd. vs ACIT,(2013) 33 Taxmann.com 5, the turnover criteria in not a valid criteria as per Rule 10B(2) and hence, cannot be applied inasmuch as there is no relation between the turnover and the margins of an entity. Learned DRP recorded that comparability of international transactions with uncontrolled transactions has to be judged with reference to functions performed and asse…

M/S. ARAMEX INDIA P. LTD.,MUMBAI vs. DCIT RG. 9(1)(2), MUMBAI

In the result, the appeal of the assessee is allowed in terms indicated hereinabove

ITA 6749/MUM/2017[2013-14]Status: DisposedITAT Mumbai18 May 2018AY 2013-14

Bench: Shri R.C.Sharma, Am & Shri Pawan Singh, Jm M/S. Aramex India Pvt. Ltd., Vs. Dcit Rg. 9(1)(2) 821, Solitaire Corporate Park, Mumbai Andheri-Ghatkopar Link Road, Chakala- Andheri (E),Mumbai – 400 093 Pan/Gir No.Aacca6756A Appellant) .. Respondent)

Section 143(3)

…which supports 38 M/s. Aramex India Pvt. Ltd., our contention that working capital adjustment should be granted to account for differences in working capital employed by the assessee and the comparable companies:- (i) Capgemini India (P) Ltd vs. ACIT [2014] 147 ITD 330 (ii) New River Software Services (P) Ltd vs. ACIT [2015] 56 taxmann.com 440 Del. Trib) (iii) Cash Edge India (P) Ltd vs. ITO [2014] 41 taxmann.com 14 (Del- Trib.) Demag Cranes vs. DCIT (144 TTJ 320) (iv) 63. With regard to rejection of Sical Logistic Ltd. we found that this company is functionally different. As per page 2 of the annual report…

CHRISTAIN DIOR TRADING INDIA P.LTD,MUMBAI vs. DCIT CIR 2(1), MUMBAI

In the result, this ground of appeal is allowed for statistical purpose

ITA 1045/MUM/2014[2009-10]Status: DisposedITAT Mumbai22 Mar 2017AY 2009-10

Bench: Shri R.C. Sharma & Shri Pawan Singh

For Appellant: Shri B.V. Jhaveri (AR)For Respondent: Shri Abhishek Tilak

Section 143(3)Section 254(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “K”,MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER ITA No.1045/Mum/2014 for (Assessment Year : 2009-10) M/s Christian Dior Trading India DCIT-2(3), Room No. 561, 5th Floor, Pvt. Ltd. 101-104, First Floor, Banaji House, Flora Fountain, Vs. Aayakar Bhavan, Fort, Mumbai-400001. Mumbai-400020. PAN: AACCC7150L (Appellant) (Respondent) ITA No.1084/Mum/2014 for (Assessment Year : 2009-10) DCIT-2(1), M/s Christian Dior Trading India Room No. 561, 5th Floor, Pvt. Ltd. 101-104, First Floor, Aayakar Bhavan, Vs. Banaji House, Flora Fountai…

ASST.C.I.T., BANGALORE vs. M/S CURAM SOFTWARE INTERNATIONAL PVT. LTD.,, BANGALORE

In the result, the Revenue’s appeal and the cross objection filed by

ITA 499/BANG/2015[2010-11]Status: DisposedITAT Bangalore21 Mar 2017AY 2010-11

Bench: Shri Sunil Kumar Yadav

For Appellant: Shri. Nageshwar Rao, AdvocateFor Respondent: Ms. Neera Malhotra, CIT-DR

Section 10A

…R revenue from software products sale of Infosys Ltd was only 4.3% of its total revenues and its R &D expenditure was only 1.26% of its revenues. Relying on the decision of Mumbai Bench of the Tribunal in the case of Capgemini India Pvt. Ltd v. ACIT [(2014) 147 ITD 330], Ld. DR submitted that size of the company had no relevance and there was no correlation between sales volume and profits in software development services. According to him, DRP had simply relied on the annual report of Infosys Ltd, while direction its exclusion without closely verifying the reasons why TPO had rejected the contentions of the a…

DCIT vs. M/S AKAMAI TECHNOLOGIES INDIA PVT. LTD.,, BANGALORE

In the result, the appeal of the revenue is partly allowed

ITA 879/BANG/2013[2005-06]Status: DisposedITAT Bangalore16 Mar 2016AY 2005-06

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri P.K.Prasad, AdvocateFor Respondent: Dr.P.K.Srihari, Addl.CIT

Section 10ASection 10B

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, BANGALORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER and SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER IT(TP)A No.879/Bang/2013 (Assessment year: 2005-06) Deputy Commissioner of Income-tax, Circle 11(1), Bangalore. … Appellant Vs. M/s.Akamai Technologies India Pvt.Ltd. Salarpuria Softzone, 80/1, ‘A’ Wing, 2nd & 3rd floor, Bellandur Outer Ring Road, Bangalore-560037. … Respondent PAN:AAICS0950 J AND Cross Objn.No.174/Bang/2015 (In IT(TP)A No.879/Bang/2013) (Assessment year: 2005-06) (by the assessee) **** Revenue by : Dr.P.K.Srihari, Addl.CIT. Assessee by : Shri P.K…

DCIT, BANGALORE vs. M/S IKANOS COMMUNICATION INDIA PVT. LTD.,, BANGALORE

In the result, both the appeal of the Revenue as well as cross objection of the assessee are dismissed

ITA 137/BANG/2015[2010-11]Status: DisposedITAT Bangalore10 Nov 2015AY 2010-11

Bench: Shri. Abraham P. George & Shri. Vijaypal Raoi.T(It).A No.137/Bang/2015 (Assessment Year : 2010-11) Deputy Commissioner Of Income Tax, Circle -3(1)(1), Bangalore .. Appellant V. M/S. Ikanos Communication India Pvt. Ltd, 3Rd Floor, Corporate Miller, No.332/1, Thimmaiah Road, Vasanthnagar, Bangalore 560 052 .. Respondent Pan : Aabci1928F Cross Objection No.109/Bang/2015 (In I.T(It).A No.137/Bang/2015) (Assessment Year : 2010-11) (By The Assessee) Assessee By : Shri. Ajit Tolani, Ca Revenue By : Shri. Sanjay Kumar, Cit - Iii Heard On : 27.10.2015 Pronounced On : 10.11.2015 O R D E R Per Abraham P. George: These Are Appeal & Cross Objection By The Revenue & Assessee Respectively, Directed Against An Assessment Made By The Ao U/S.143(3) Of It(Tp)A.137/Bang/2015 & Co.109/Bang/2015 Page - 2

For Appellant: Shri. Ajit Tolani, CAFor Respondent: Shri. Sanjay Kumar, CIT - III

Section 10ASection 143(3)Section 144C

…DR revenue from software products sale of Infosys Ltd was only 4.3% of its total revenues and its R &D expenditure was only 1.26% of its revenues. Relying on the decision of Mumbai Bench of the Tribunal in the case of Capgemini India Pvt. Ltd v. ACIT [(2014) 147 ITD 330], IT(TP)A.137/Bang/2015 & CO.109/Bang/2015 Page - 4 Ld. DR submitted that size of the company had no relevance and there was no correlation between sales volume and profits in software development services. According to him, DRP had simply relied on the annual report of Infosys Ltd, while direction its exclusion without closely verifying the re…