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The ITAT upheld that, following the Bom HC precedent, the Assessee may exclude Comparable X from the comparable set if it is not functionally comparable, allowed exclusion of Comparables Y, Z and W for breaching the ten-times turnover tolerance, and directed the Ld. TPO to apply the turnover filter uniformly to remaining comparables. Comparables P and X were excluded for lack of segmental data; Comparable V was excluded for abnormally high margins; Comparable D was held functionally comparable and retained; Comparable E was remitted to the Ld. TPO to verify audited segmental Indian data. The ITAT directed the Ld. TPO to verify and rectify the Assessee's margin computation and to examine and, if justified, allow the Working Capital Adjustment after affording the Assessee opportunity of hearing.
The ITAT upheld that, following the Bom HC precedent, the Assessee may exclude Comparable X from the comparable set if it is not functionally comparable, allowed exclusion of Comparables Y, Z and W for breaching the ten-times turnover tolerance, and directed the Ld. TPO to apply the turnover filter uniformly to remaining comparables. Comparables P and X were excluded for lack of segmental data; Comparable V was excluded for abnormally high margins; Comparable D was held functionally comparable and retained; Comparable E was remitted to the Ld. TPO to verify audited segmental Indian data. The ITAT directed the Ld. TPO to verify and rectify the Assessee's margin computation and to examine and, if justified, allow the Working Capital Adjustment after affording the Assessee opportunity of hearing.
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