In the absence of valid comparable data furnished by the assessee, the use of comparables comparable controlled transactions for the purposes of benchmarking controlled transactions is permissible

Bayer Material Science Private Limited v. ACIT (ITAT Mumbai) – The non segregation of the trading and indenting activity, inadequacy noticed by the Tribunal of the split-up between the said activities, non furnishing of  comparable data by the assessee to validate the application of TNMM to in

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