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2024 (3) TMI 1008 - ITAT MUMBAITP Adjustment - comparable selection - assessee is aggrieved with inclusion of one comparable namely Golden Chemical Private Limited having PLI of 8.88% - HELD THAT:- As the relevant financial data of comparable company is available only for 9 months, whereas, the accounting period of the assessee is for 12 months and in absence of non-availability of the data in case of comparable company from 1st January, 2012, to 31st march, 2012, as same being Private Limited company, the above comparable for this reason is required to be excluded. Accordingly, the learned Transfer Pricing Officer is directed to exclude Golden Chemical Pvt. Ltd. from the comparability analysis. The appeal of the assessee on this issue succeeds. Comparable Nilchem Industries Ltd. - We find that in the remand report proceedings, the learned Transfer Pricing Officer included the above comparable company i.e. Nilchem Industries Ltd. having the margin of 10.78%. The assessee did not object to this comparable company for its exclusion but provided the correction in the margin. The learned Transfer Pricing Officer recomputed the margin of (-) 3.23%. Thus, we find that Nilchem Industries Ltd. is a comparable not in dispute between the assessee and TPO, could not have been excluded by the learned CIT (A) when none of the parties contended so. Accordingly, we direct the learned TPO/ Assessing Officer to include the Nilchem Industries Ltd. as a good comparable. Appeal of the assessee is partly allowed.
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