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2015 (9) TMI 948 - AT - Income TaxTransfer pricing adjustment - computation of the arm’s length price of the International Transaction in respect of a provision of Investment Advisory Services - selection of comparables - Held that:- As respectfully following the order of the Tribunal in assessee’s own case in the immediately preceding assessment year 2009-2010, we direct the AO to exclude M/s Motilal Oswal Investment Advisors Pvt Ltd from the list of comparables and to recompute the adjustment to be made u/s.92C(1) of the I. T. Act. Assessee is engaged in business of providing investment research and advisory services to Bain Mauritius, on a non-exclusive and non-binding basis, in connection with potential investment opportunities in India. IDFC rendered portfolio management services for hybrid infrastructure portfolio, agriculture opportunities portfolio and farm fork portfolio. IDFC is registered as portfolio managed with SEBI. Thus, IDFC is functionally different from the assessee which is engaged merely in non-binding investment advisory support services. since IDFC is functionally different, we direct the AO to exclude the IDFC from the list of comparables for computing arms’ length adjustment. In view of the above, we direct the AO to recompute the arms length adjustment after excluding Motilal Oswal Investment Advisory Pvt. Ltd. and IDFC from the list of comparables. - Decided in favour of assessee for statistical purposes.
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