https://www.taxtmi.com/caselaws?id=312157 ITAT Bangalore held that comparable companies with turnover exceeding Rs. 200 crores must be excluded from transfer pricing analysis, following established precedent. The Tribunal directed TPO to exclude such companies and reconsider inclusion of specific entities including Akshay Software, I2T2 India Limited, and Evoke Technologies Ltd. for fresh comparability assessment. Regarding addition for assets received free of cost, the Tribunal found DRP failed to verify assessee's claim that customs wrongly recorded replacement assets as free assets. Matter remanded to AO for verification of supporting documents and fresh determination in accordance with law. en-us Fri, 21 Oct 2022 00:00:00 +0530 Sat, 03 Feb 2024 19:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312157 ITAT Bangalore held that comparable companies with turnover exceeding Rs. 200 crores must be excluded from transfer pricing analysis, following established precedent. The Tribunal directed TPO to exclude such companies and reconsider inclusion of specific entities including Akshay Software, I2T2 India Limited, and Evoke Technologies Ltd. for fresh comparability assessment. Regarding addition for assets received free of cost, the Tribunal found DRP failed to verify assessee's claim that customs wrongly recorded replacement assets as free assets. Matter remanded to AO for verification of supporting documents and fresh determination in accordance with law. Case-Laws Income Tax Fri, 21 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312157