TMI Blog2017 (5) TMI 1588X X X X Extracts X X X X X X X X Extracts X X X X ..... pressed by the Mumbai Bench of the ITAT and which has been affirmed by the Bombay High Court in CIT v. ThyssenKrupp Industries India Pvt. Ltd [2016 (4) TMI 88 - BOMBAY HIGH COURT], is indeed a plausible one to take. Whether taking up a 100% government owned company as a comparable would be justified or not would depend on the facts and circumstances of the case. The basic rule as contained in Rule 10B of the Income Tax Rules would apply. In the facts of the present case, however, the Court finds that the view taken by the ITAT does not give rise to any substantial question of law. Appeal is dismissed. - ITA 454/2016 - - - Dated:- 30-5-2017 - S. Muralidhar And Chander Shekhar JJ. For the Appellant : Mr. Ruchir Bhatia, Advocate. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emergency assistance and support services to its AE. In its transfer pricing study, the Assessee has adopted the TNM method as the most appropriate method. The Assessee itself has selected 12 comparables where the average margin was 7.10% on a profit level indicator of OP/OC as against the Assessee s margin of 7.66%. These 12 comparables included public sector undertakings such as India Tourism Development Corporation Ltd. ( ITDCL ) and Educational Consultants (I) Ltd. ( ECIL ). 5. The TPO using filters rejected 10 comparables which included ITDCL and ECIL. Only Access India Advisors Ltd. and IDC(I) Ltd. were selected. The TPO selected 5 new comparables and these included Apitco Limited, Global Procurement Consultant Ltd., KCCA Business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nment undertaking. He submitted that no reasons whatsoever have been given by the ITAT for excluding Apitco Limited as a comparable. 9. Mr. Neeraj Jain, learned counsel for the Assessee, on the other hand pointed out that the Mumbai Bench of the ITAT has in an order dated 27th February, 2013 in the case of ThyssenKrupp Industries India Pvt. Ltd. excluded 100% government owned companies as comparables for the same reasons given by the ITAT in the present case. That decision of the Mumbai Bench of the ITAT was affirmed by the Bombay High Court in its judgment dated 28th March, 2016 in ITA No. 2218 of 2013 ( CIT v. ThyssenKrupp Industries India Pvt. Ltd.) . 10. The Court on perusing the aforementioned judgment of the Bombay High Court ..... X X X X Extracts X X X X X X X X Extracts X X X X
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