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2016 (12) TMI 1827 - HC - Income TaxTP Adjustment - comparability - whether Tribunal was justified in accepting the comparables merely on the basis that they have been considered comparable in earlier years? - HELD THAT:- So far as ICRA Management Consulting Services Ltd. is concerned, the impugned order on examination of the functional profile held that it was comparable to the respondent-assessee for the subject Assessment Year. This was further supported by the fact that for the immediately preceding Assessment Year the parties had accepted ICRA Management Consulting Services Ltd. to be a comparable for the purpose of determination of arms length price. Therefore, as far as ICRA Management Consulting Services Ltd. is concerned no interference is called for. In the above view the appeal is admitted on the following re-framed substantial question of law: “Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in accepting EDCIL as comparable to determine the arms length price in the face of rule 10B(4) of the Act only on the basis that for the earlier Assessment Year , the same were also used as comparable.”
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