Company with extraordinary events cannot be considered as comparable

ITAT held that on account of extra ordinary events viz. acquisition of IQ group of companies and amalgamation of Accentia Infoserve Pvt. Ltd with Accentia Technologies Ltd, the said company cannot be considered as good comparable. Full Text of the ITAT Order is as follows:- The present cross appeals by the Revenue and the assessee are directed against the Assessment order dated 23-2-2015 passed under section 144C(13) read with section 143(3) of the Income Tax Act 1961 (hearing after referred to as the Act). 2. The brief facts of the case as emanating from records are: The assessee is engaged i...