Choosing AE as tested party justifiable since AE possess least complex functional analysis

DCIT Vs Glenmark Pharmaceuticals Limited (ITAT Mumbai) ITAT Mumbai held that with respect to benchmarking of export transaction, foreign Associated Enterprise [AE] can be chosen as tested party since AE possess the least complex functional analysis. Accordingly, transfer pricing adjustment not justifiable. Facts- The assessee is the ultimate holding company of the Glenmark Group. It is research led global, fully integrated pharma company, head quartered in Mumbai, incorporated in 1977, and engaged in the business of manufacturing and marketing of formulations in India. Globally, it enjoys div...