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2015 (11) TMI 1628 - BOMBAY HIGH COURTTransfer pricing adjustment - selection of comparable - Held that:- The appeal is admitted on question nos. (i) and (ii). (i) Whether on the facts and in law, the Tribunal was justified in rejecting MIL as a comparable on the ground that the Annual Report of MIL did not provide segmental information without appreciating that under TNMM, broad functional similarity is required to be seen more so as the assessee itself had not furnished audited segmental accounts? (ii) Whether on the facts and in law, the Tribunal was justified in rejecting M/s. Pidilite Industries Ltd.(PIL) as a comparable on the ground of there being a merger and demerger during the year without appreciating that merger and acquisition is a normal business practice which does not affect FAR analysis and hence not relevant as PIL is a proper comparable being functionally similar to the assessee company?
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