TPO rejected transfer pricing analysis undertaken by assessee and undertook a fresh search for external comparables. Tribunal rejected selection of tested party as contended by assessee stating that assessee failed to produce material evidences/documents to establish functional profile and risks assumed by overseas AEs. On appeal the Court held that findings given by r by TPO and Tribunal foreclosing assessee’s claim to refer to foreign AEs as tested party was legally not sustainable and issue regarding assessee’s plea to consider foreign AE as tested party was to be remanded back to TPO. (AY. 2011-12)