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2017 (3) TMI 1660 - AT - Income TaxArm’s Length Price(ALP) for the transactions pertaining to investment advisory services - exclusion of four comparables - Held that:- In view of the proposition in Quark Systems P. Ltd. [2009 (10) TMI 591 - ITAT, CHANDIGARH] we are unable to accept the contention of the learned CIT-DR that assessee is precluded from contesting a comparable which initially figured in its own set of comparables, provided the assessee gives a cogent reason for exclusion of certain comparables based on FAR analysis and also on the basis of judicial pronouncements. In such cases there cannot be estoppels on objecting the inclusion/exclusion of such comparables. Assessee company is engaged in providing ‘non-binding investment advisory services’ to its Associate Enterprise (AE), viz., J P Morgan Securities (Asia Pacific) Limited, Hong Kong and J P Morgan Chase Bank N.A. Mumbai Branch,thus companies functionally with that of assessee need to be deselected from final list.
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