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2019 (3) TMI 1972 - HC - Income TaxTP Adjustment - comparable selection - inclusion or exclusion of certain comparables by the Tribunal while carrying out FAR in case of the Assessee - Tribunal discarded two entities namely Motilal Oswal Investment Advisory Pvt. Ltd. and Brescon Corporate Advisors Pvt. Ltd. on the ground that these companies were merchant bankers or investment bankers and cannot be compared with the Assessee who was investment subadvisor - third instance of comparable is of ICRA Management Consulting Services Ltd. Tribunal accepted the Assessee's contention that ICRA Management provided a safe comparable. The Revenue disputes these three findings of the Tribunal. HELD THAT:- Through Judgment in the case of Commissioner of Income Tax-10, Mumbai Vs. Carlyle India Advisors (P) Ltd. [2013 (4) TMI 486 - BOMBAY HIGH COURT] this Court has confirmed the Tribunal's view that the case of investment advisor or subadvisor cannot be compared with a merchant banker or investment banker. The first two instances discarded by the Tribunal, therefore, do not call for any interference. Insofar as the comparison with ICRA Investment is concerned, here also, the issue is covered against the Revenue in the decision of The Commissioner of Income Tax3 Vs. Temasek Holdings Advisors India Pvt. Ltd. Income [2016 (11) TMI 1510 - BOMBAY HIGH COURT]. - Decided against revenue.
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