TMI Blog2016 (12) TMI 1600X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessee's submission in arriving at the ALP is not final. It is for the TPO to examine and find out the companies listed as comparables which are, in fact comparable. The impugned order has on FAR analysis found that M/s. Indowind Energy Ltd. and B. F. Utilities Ltd. are not comparable. They are in a different area i.e. wind energy while the Respondent-Assessee is in the field of solar energy. No substantial question of law. Determination of Arm's Length Price (ALP) with regard to Sales made to AEs and not on entire sales - Held that:- Issue raised herein is concluded against the Revenue and in favour of the Respondent-Assessee by the decision of this Court in CIT v/s. Tara Jewellers Pvt. Ltd.[2015 (12) TMI 1130 - BOMBAY HIGH COURT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Transfer Pricing Study submitted by the Respondent-Assessee to the Revenue, it had included M/s. Indowind Energy Ltd. and B. F. Utilities Ltd. in the list of two comparables for the purpose of arriving at Arms Length price (ALP) in respect of its transactions entered into with its A. E. However, before the Transfer Pricing Officer(TPO)itself, the Respondent-Assessee sought to withdraw M/s. Indowind Energy Ltd. and B. F. Utilities Ltd. from the list of comparables. This, inter alia on the ground of functional differences. However, the same was not permitted by the TPO and was taken into consideration while determining the ALP. This resulted in a draft Assessment Order based on ALP arrived at on a comparability study inclusive of M/s. Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arty is not barred in law from withdrawing from its list of comparables, a company, if the same is found to have been included on account of mistake as on facts, it is not comparable. The Transfer Pricing Mechanism requires comparability analysis to be done between like companies and controlled and uncontrolled transactions. This comparison has to be done between like companies and requires carrying out of FAR analysis to find the same. Moreover, the Assessee's submission in arriving at the ALP is not final. It is for the TPO to examine and find out the companies listed as comparables which are, in fact comparable. The impugned order has on FAR analysis found that M/s. Indowind Energy Ltd. and B. F. Utilities Ltd. are not comparable. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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