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2015 (3) TMI 1068 - AT - Income TaxTransfer pricing adjustment - selection of comparable - Held that:- KJMC Corporate Advisors (India) Limited company is in the business of investment, merchant banking, corporate finance and similar activities which cannot be compared to the investment advisory activities. There is no dispute that the assessee’s international transaction with the AE is only with respect to the investment advisory and no other service or activity like investment, merchant banking, corporate finance etc. Thus the company KJMC Corporate Advisors (India) Limited cannot be treated as functionally comparable with the assessee. The company Motilal Oswal Investments Advisors Pvt. Ltd is not functionally comparable with the assessee as is engaged in the business of Merchant Banking and, therefore, is not a good comparable of a company providing investment advisory services to the AE - Decided against revenue
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