Age & formation cannot be the criteria for rejecting the company for comparability analysis

IN THE ITAT MUMBAI BENCH ‘L’ Deputy Commissioner of Income-tax v/s. Firmenich Aromatics (I) (P.) Ltd. IT APPEAL NO. 2056 (MUM.) OF 2006 [ASSESSMENT YEAR 2002-03] JULY 6, 2012 ORDER Sanjay Arora, Accountant Member This is an Appeal by the Revenue arising out of the order of Commissioner of Income Tax (Appeals)-I, Kanpur (‘CIT(A)’ for short) dated 02/02/2011, allowing the assessee’s appeal contesting its assessment u/s 143(3) of the I.T. Act, 1961 (‘the Act’ hereinafter) dated 29/03/2006 for the assessment year (AY) 2003-2004. 2. The pri...