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2016 (9) TMI 1391 - AT - Income TaxTPA - selection of comparable companies - admission of fresh evidence - Held that:- Facts set out in the TP study Report on the basis of Distribution and Sales Agreement entered into by the assessee and its AE have admittedly not been considered and the characterization based on past precedent by the TPO has been followed in haste. Accordingly considering the judicial precedent and the material available on record, in the light of the submissions of the parties before the Bench, we deem it appropriate to admit the fresh evidences filed. The evidences have been considered to be relevant and crucial for determining the issues as it elaborates and supports the original claims of the tax payer. Accordingly following the judicial precedent the evidences are admitted. Since the evidences have to be considered for the first time again following the precedent these are remitted to the TPO with the direction to pass a speaking order in accordance with law after giving the assessee a reasonable opportunity of being heard.
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