Associated Enterprises of assessee cannot be taken as comparable for determining ALP as per CUP method

 Brief of the case: The ITAT Ahmedabad in the case of Gemstone Glass Pvt. Ltd vs. JCIT held that when an associated enterprise is taken as comparable then CUP method cannot be adopted for determining Arm Length Price irrespective of the fact that the associated enterprise taken as comparable is resident or non-resident.  Facts of the case: The assessee was engaged in the business of manufacturing glass mosaic products and selling the same to its AEs. During the course of the proceedings before the TPO for the assessment year 2007-08, it was noted that the assessee has used transactional net...