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erred in selecting Madras Aluminium Co. Ltd. (MALCO) as a comparable company while determining the arm's length price of the assessee ... transactions with its AEs without taking into account that MALCO was not a comparable company on the basis of the FAR analysis of MALCO

Madras High Court in the case of Malco Vidyalaya Matriculation Higher Secondary School (103 taxmann.com 104) to contend that generation of substantial surplus cannot ... Madras High Court in the case of Malco Vidyalaya Matriculation Higher Secondary School (supra) wherein on similar facts and circumstances the Hon'ble High