Delhi HC Upholds ITAT Order Excluding Comparables Due to Functional Dissimilarity

PCIT Vs Honeywell International (India) Pvt. Ltd. (Delhi High Court) Introduction: The Delhi High Court recently addressed an appeal filed by the Principal Commissioner of Income Tax (PCIT) against Honeywell International (India) Pvt. Ltd. The case pertains to the Assessment Year 2007-08 and focuses on the exclusion of certain comparables, namely Accentia Technologies Ltd., Eclerx Services Ltd., Mold-Tek Technologies Limited, and TSR Darashaw Ltd. The court upheld the order of the Income Tax Appellate Tribunal (ITAT), which directed the exclusion of these comparables due to functional dissimil...