Comparable Selected in TP study should be functionally same & not necessarily to be identical

Brief of the Case Punjab & Haryana High Court held In the case of CIT vs. M/s DSM Anti Infectives India Ltd. that the filter used by the TPO while selecting comparable is to select companies who are using Penicillin-G as raw material irrespective of the extent of usage of the same. The Tribunal’s conclusion that the companies would be appropriate comparables irrespective of the percentage of use of PEN-G by them since companies selected should be functionally comparable and not identical is a possible view. Facts of the Case During the assessment year 2005-06, the assessee entered into v...