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TMI Blog2024 (3) TMI 949X X X X Extracts X X X X X X X X Extracts X X X X ..... erred in excluding Modicare Limited ["Modicare"] as a comparable under the Resale Price Method ["RPM"] despite the fact that reliable data pertaining to the comparable is available in the public domain and its comparability analysis was thoroughly established by the Transfer Pricing Officer ["TPO"] as per Rule 10B(3) of the Income Tax Rules, 1962 ["Rules"]? (b) Whether on facts and circumstances of the case and in law, ITAT has erred in restricting the TPO to the comparables set by the assessee in his Transfer Pricing analysis, thus restraining the TPO from conducting its independent comparability analysis as laid under Section 92C and Section 92CA(3) of the Income Tax Act, 1961 ["Act"] read with Rule 10B of the Rules? 2. Undisputedly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before this Court. This Court vide its judgment dated 10 April 2018 held as follows: "7. The assessee argued that the dissimilarity with respect to the products sold and the proportion borne by each of the turnover cannot but impact the profitability of the entity as a whole and further emphasized that segmental laid for each of these product lines is missing for the relevant year (with respect to the data available vis-à-vis Modicare Ltd.). In the opinion of this Court, it is of vital importance and was not addressed by the ITAT which even while noticing the significant differences and seemingly accepting the assessee's arguments nevertheless did not exclude Modicare Ltd. altogether. In the opinion of this Court, this is a very v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , for all the relevant years by the assessee. It is also directed to consider the feasibility again having regard to the available data for all the concerned assessment years-marking appropriate adjustments (including with respect to the working capital adjustments as is sought to be urged by the assessee) in regard to the trading comparables offered by the assessee for these given years. 10. ... Having regard to the above directions, it is open to the assessee to urge that TNMM is the most appropriate method instead of RPM. In these circumstances, it is also clarified that in the event the submission is accepted there would be no enlarging of a comparable offered. " 6. Pursuant to the remand by this Court, the ITAT passed the common i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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