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2019 (3) TMI 1883 - AT - Income TaxTP Adjustment - comparable selection - comparability of ICRA Online Ltd. - HELD THAT:- The comparability of ICRA Online Ltd. was considered by the Tribunal in case of Temasek Holding Advisors India Pvt. Ltd.[2013 (9) TMI 48 - ITAT MUMBAI] . The Tribunal accepted this company as comparable. That being the case, we direct the Assessing Officer to include this company as a comparable. IDC (India) Ltd. - Tribunal is in favour of including this company as a comparable in case of an investment advisory service provider. See M/S. GENERAL ATLANTIC PVT. LTD. VERSUS THE DCIT-3 (1) , AAYAKAR BHAVAN, MUMBAI [2015 (11) TMI 1506 - ITAT MUMBAI] Informed Technologies India Ltd. - Hon'ble Jurisdictional High Court in CIT v/s Temasek Holdings Advisors India Pvt. Ltd [2013 (9) TMI 48 - ITAT MUMBAI] has upheld the decision of the Tribunal accepting this company as a comparable to an investment advisory service provider. There being no material difference in facts involved on the basis of which the Tribunal in Temasek Holdings Advisors India Pvt. Ltd. (supra), has accepted this company as a comparable, we hold that Informed Technologies India Ltd., should be treated as comparable. Motilal Oswal Private Equity Advisors Pvt. Ltd.- As decided in BLACKSTONE ADVISORS INDIA PVT. LTD. AND VICE-VERSA [2018 (11) TMI 1732 - ITAT MUMBAI] upheld the decision of the learned Commissioner (Appeals) in rejecting this company as a comparable to an investment advisory service provider. Thus we direct the Assessing Officer to exclude this company from the list of comparables. Ladderup Corporate Advisory Pvt. Ltd. - This company has been rejected as a comparable to an investment advisory service provider. Though, these decisions of the Tribunal pertain to different assessment years, however, the basic facts on which the company has been rejected as a comparable remain same. In view of the aforesaid, we direct the Assessing Officer to exclude Ladderup Corporate Advisory Pvt. Ltd. from the list of comparable. Assessee’s appeal is partly allowed.
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