Tata Motors European Technical Centre Plc. v. Asst. DIT 52 taxmann.com 411 (Mumbai Tribunal)
Indian Transfer Pricing Regulations does not put any fetters on selection of foreign comparables if conditions are as such that the Indian comparables do not stand the test of comparability with the tested party. If the tested party itself was a foreign based entity and the service rendered by it were very specific, for which the Indian comparables were not available or functionally not comparable then, it could not be held that foreign comparables could not be selected for benchmarking the arm’s length price or margin.