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2020 (3) TMI 604 - AT - Income TaxTP Adjustment - selection/rejection of certain comparable - HELD THAT:- ICRA MANAGEMENT CONSULTING SERVICES LTD. company being a good comparable has to be retained as the service provided by this company is akin to the service provided by an investment advisory service provider. INFORMED TECHNOLOGIES LTD. company appears to be functionally similar to the assessee. In fact, in various decisions cited before us, some of which relate to the impugned assessment year, the Tribunal as well as the Hon'ble Jurisdictional High Court has held that this company is functionally similar to an investment advisory service provider. Therefore, following the consistent view expressed in relation to this company in the judicial precedents referred to above, we direct the Assessing Officer to include this company as a comparable. INTEGRATED CAPITAL SERVICES LTD. company cannot be treated as a comparable to investment advisory service provider. In view of the aforesaid, we direct the Assessing Officer to exclude this company. As submitted by the assessee that with the inclusion of the ICRA Management Consultancy Services Pvt. Ltd., and Information Technologies Pvt. Ltd. and exclusion of Integrated Technologies Ltd., assessee’s margin would be within the ±5% range of the raised of the comparable requiring no further adjustment. In view of the aforesaid, we do not intend to deal with any other issue raised in the present appeal, save and except, the issue relating to the comparables dealt by us herein before.
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