2021 (11) TMI 683 - BOMBAY HIGH COURT - Income Tax

Head Note / Extract:
TP Adjustment - Upward adjustment on account of performance fees and investment advisory fees - inclusion of 3 comparables in the TNMM analysis - Whether the Ld. ITAT is right in directing inclusion of the comparable M/s Kinetic Trust Ltd. and directing inclusion of the comparable M/s. IDC India Ltd. and M/s Future Capital Investment Advisors Ltd - HELD THAT:- The entire exercise of making transfer price adjustment on the basis of comparables is nothing but a matter of estimate of a broad and fair guesswork of the authorities based on factual relevant material brought before the authorities, i.e., TPO, DRP and the Tribunal which are the fact finding authorities- ITAT has not committed any perversity or applied incorrect principles to the given facts and when the facts and circumstances are properly analysed and correct test is applied to decide the issue at hand, then, we do not think that questions as pressed raises any substantial questions of law.