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2019 (6) TMI 1622 - AT - Income TaxTP Adjustment - comparable selection - Motilal Oswal Private Equity Advisors Pvt. Ltd - HELD THAT:- As relying on NEW SILK ROUTE ADVISORS PVT. LTD [2018 (11) TMI 1769 - ITAT MUMBAI], TEMASEK HOLDINGS ADVISORS INDIA (P.) LTD. [2017 (8) TMI 1490 - ITAT MUMBAI], WELLS FARGO REAL ESTATE ADVISORS PVT. LTD. [2018 (1) TMI 931 - ITAT MUMBAI], AVENUE ASIA ADVISORS PVT. LIMITED [2017 (9) TMI 1295 - DELHI HIGH COURT] therein conclude that Motilal Oswal Equity Advisors Pvt. ltd. cannot be treated as a comparable to the assessee. Ladder up Corporate Advisors Pvt. Ltd: cannot be treated as a comparable to the assessee. See M/S. GUGGENHEIM CAPITAL MANAGEMENT (ASIA) PRIVATE LIMITED [2019 (2) TMI 1817 - ITAT MUMBAI], TATA ASSET MANAGEMENT LTD. VERSUS DY. COMMISSIONER OF INCOME TAX CIRCLE–2 (3) ) (1) , MUMBAI [2019 (3) TMI 1883 - ITAT MUMBAI] and BLACKSTONE ADVISORS INDIA PVT. LTD. AND VICE-VERSA [2018 (11) TMI 1732 - ITAT MUMBAI] Cyber Media Research Ltd. (formerly IDC India Ltd.) was engaged in rendering market research and management consultancy services, and was also a premier provider of market intelligence and advisory services, therefore, it was functionally comparable to investment advisory providers. See NEW SILK ROUTE ADVISORS PVT. LTD. VERSUS ASSTT. COMMISSIONER OF INCOME TAX CIRCLE–7 (2) (2) , MUMBAI AND VICE-VERSA [2018 (11) TMI 1769 - ITAT MUMBAI] Thus we direct the A.O to exclude the two comparables which were selected by the TPO viz. (i) Motilal Oswal Pvt. Equity Advisors Pvt. Ltd; and (ii) Ladder up Corporate Advisors Pvt. Ltd. from the final list of the comparables. At the same time, the A.O is directed to include Cyber Media Research Ltd. (formerly IDC India Ltd.) in the final list of comparables.
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