Selection of a comparable company should be determined having regard to its functional comparability for the year under review and not with reference to preceding years

Emersons Process Management India Pvt. Ltd. Vs. Add. CIT (ITAT Mumbai)- The fact that this company was selected as one of the comparables, by assessee himself, in the preceding assessment year cannot be put against the assessee, as whether or not a comparable is to be included must depend on its merits rather than be solely guided by events of an earlier year – particularly when assessee is successfully able to demonstrate that the entity sought to be used as comparable is not engaged in s

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