AE cannot be considered for the purpose of comparable

Lonsen Kiri Chemical Industries Ltd. Vs DCIT (ITAT Ahmadabad) Once the comparable company becomes the AE of the assessee in the year under consideration, then such company cannot be considered for the purpose of comparable. Case Summary: – Facts of the case: The assessee is a joint venture of two companies namely Well Prospering Ltd a Chinese company and Kiri Dyes and Chemicals Ltd, an Indian company which was entered as on 4thFebruary 2010. The Indian company, Kiri Dyes and Chemicals Ltd, belongs to Dyestar Group of companies. In other words, the Dyestar group of companies became assoc...