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2018 (9) TMI 2029 - ITAT MUMBAITP Adjustment - comparable selection - Motilal Oswal Private Equity Advisors Pvt. Limited - HELD THAT:- As the financial statements that the only business income, besides interest and sundry income, derived by it was by way of “investment management fees” only. In the director’s report also, the details of funds collected by it for making investments are mentioned. Both these aspects make it clear that M/s Motilal Oswal Private Equity Advisors P Ltd is engaged only in investment activities for its clients in relevant year also. Hence the Coordinate Benches, in the case of Temasek Holdings Advisors India Pvt. Ltd. [2017 (8) TMI 1490 - ITAT MUMBAI] and Wells Fargo Real Estate Advisors Pvt. Ltd. [2018 (1) TMI 931 - ITAT MUMBAI] have held that the above said company cannot be considered to be a comparable for an investment advisory company. Following the above said decisions, we hold that M/s Motilal Oswal Private Equity Advisors Pvt. Limited cannot be taken as comparable in the hands of the assessee company. IDC (India) Limited company was considered by the co-ordinate bench in the case of Temasec Holdings Advisors (I) P Ltd , [2017 (8) TMI 1490 - ITAT MUMBAI]and it has been held to be a good comparable, as M/s IDC (India) Limited was also engaged in advisory and consultancy and services. M/s ICRA online Ltd is also mostly engaged in investment advisor services only. Accordingly it was held that it is good comparable for comparability analysis purposes. Following the order passed by the Tribunal, we direct the Assessing Officer to include M/s ICRA online Ltd as comparable company. Appeal filed by the assessee with regard to above said three comparables is allowed.
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