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2019 (4) TMI 1391 - HC - Income TaxTP Adjustment - include ICRA Management Consultancy Services Ltd., Kinetic Trust Limited in the set of comparable companies - HELD THAT:- Perusal of the impugned judgment would show that in addition to giving independent reasons, the Tribunal had also heavily relied on the decision in case of the very assessee for the earlier assessment years 2008-09 and 2009-10 in which both these comparable were included despite the opposition by the Department. Revenue brought to our notice an order dated 17.11.2016 passed in the Revenue’s Income Tax Appeal [2016 (11) TMI 1510 - BOMBAY HIGH COURT] in which such an issue had been raised but not entertained by the Court. In that view of the matter, Question No. (a) is not entertained. Striking down the additional markup margin of 3% to the average PLI of the comparable companies selected by the TPO - HELD THAT:- Assessee, in addition to investment advisory services had also rendered portfolio management services. However, the Tribunal, in the impugned judgment held that there was no evidence of the assessee had rendered any such additional services. This question also, therefore, is not entertained.
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