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2019 (2) TMI 1805 - AT - Income TaxTP Adjustment - selection of comparable - companies as found to be fully owned by the Government they cannot be treated as comparable - HELD THAT:- As decided in own case [2018 (1) TMI 1566 - ITAT MUMBAI] excluding companies from the list of comparables on the reasoning that they are Government Companies. Since, the Tribunal has already decided the issue in respect of the very same comparables in assessee’s own case in the preceding assessment years, respectfully following the aforesaid decisions of the Tribunal, we exclude Engineers India Ltd., Rites Ltd. and WAPCOS Ltd. from the list of comparables and direct the Assessing Officer to compute the arm’s length price accordingly. Considering the submissions of the learned Authorised Representative that upon exclusion of these three comparables, the margin shown by the assessee would fall within ±5% of the average margin of the remaining comparables, hence, no adjustment is required to be made to the arm’s length price.
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