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2014 (10) TMI 864 - AT - Income TaxTransfer pricing adjustment - issue of selection of comparables - Held that:- A comparison of the functional profile of the assessee, which is extracted by us in the earlier part of this order demonstrates that it is different from the functional profile of M/s Motilal Oswal Investment Advisors P.Ltd., At page 79 of the paper book copy of the directors report presented along with the audited accounts of the company M/s Motilal Oswal Investment Advisory P.Ltd., was enclosed. A perusal of the same demonstrates that the company had unique success with its delivery capabilities in cross product border acquisition for its clients. This is in addition to providing clients with optimal solutions across various products viz. Capital market, private equity and mezzanine finance. Hence the argument of the assessee that the functional profile of M/s Motilal Oswal Investment Advisors P.Ltd., is different from the functional profile of the assessee is correct and hence has to be accepted. M/s Cyber India Research Ltd., now known as IDC Ltd., is primarily dealing with research survey services and products. It also demonstrates that Cyber India Ltd. has launched numerous media properties for the B2B communities which has made it the largest specialized media house in the country. The other functions performed by IDC and the properties held by IDC demonstrate that the functional profile is totally different from the functional profile of the assessee, which is in the activity of providing investment advisory services to its A.E. In view of the above, we are inclined to uphold the order of the TPO as upheld by the DRP and reject this claim of the assessee. TPO was right in rejecting M/s Cyber India Research Ltd. Now known as IDC as a comparable. TPO is directed to provide the benefit of + 5% range to the assessee
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