Comparable having loss in three successive assessment years is persistent loss making company

Nordex India Pvt  Ltd Vs DCIP (ITAT Bangalore) ITAT Bangalore held that if two out of the three preceding assessment year the comparable has earned profits it cannot be held a persistent loss making company. Hence, persistent loss filter can be applied only if there is loss in three successive assessment years. Facts- Assessee is a company being wholly owned subsidiary of Acciona Windpower International S.L., Spain. The assessee aggregated the purchases of raw materials and purchase of fixed assets under manufacturing segment. The only segment disputed by the TPO was in the manufacturing segm...