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TMI Blog2018 (9) TMI 2029X X X X Extracts X X X X X X X X Extracts X X X X ..... l on 9.3.2016. Subsequently, the assessee has moved a Miscellaneous Application pointing out therein that the Tribunal has failed to adjudicate issues contested on three comparables. The miscellaneous Application of the assessee was numbered as M.A. No. 130/Mum/2016 and the same was disposed of by the Coordinate Bench of the Tribunal on 8.6.2018 by allowing the prayer made in the miscellaneous application. Accordingly, the order dated 09-03-2016 passed by the Tribunal was recalled for the limited purpose of disposing of the issues agitated in respect of following three comparables :- (i) Motilal Oswal Private Equity Advisors Pvt. Ltd. (ii) ICRA Online Ltd. (iii) IDC (India) Ltd. 3. The assessee in its appeal had pleaded for exclusion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cluded. He submitted that M/s Wells Fargo Real Estate Advisors Pvt. Limited is also an investment advisor only. The Learned AR also took us through the financial statements of the above said company in order to show that this comparable company is receiving income for managing funds of its clients only. Accordingly, the learned AR prayed for exclusion of this comparable. 6. On the contrary, the learned DR submitted that the assessee-herein is carrying out all research activities in equity market and render advise on making investments. However, the assessee is not engaging itself in making actual investment, but gives advice to the investment managers. The Learned DR submitted that Motilal Oswal Private Equity Advisors Pvt. Ltd. is making ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the case of Temasek Holdings Advisors India Pvt. Ltd. (67 taxamnn.com 221). The Tribunal held that the above said comparable company was carrying out investment in portfolio companies and in that year it has managed 'India business excellence fund I' and 'India reality excellence fund I'. Accordingly, the Tribunal took the view that functional analysis of the aforesaid comparable substantially differ from the functions carried out by the assessee before the Tribunal which was undertaking investment advisory services. The above said decision of the Tribunal was followed by the Coordinate Bench in the case of Wells Fargo Real Estate Advisors P. Ltd (supra). 8. Before us, the learned DR contended that the decision in the case of Temasek ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e same is required to be included as the functional profile is identical. We notice that the above said company was considered by the co-ordinate bench in the case of Temasec Holdings Advisors (I) P Ltd (38 taxmann.com 80) and it has been held to be a good comparable, as M/s IDC (India) Limited was also engaged in advisory and consultancy and services. 11. The Ld A.R submitted that M/s IDC (India) Ltd is held to be a good comparable for companies providing in investment advisory services in plethora of cases. On the contrary, the Ld D.R., supported the order passed by the AO on this comparable. 12. Since IDC India Ltd has been held to be a good comparable in the case of Temasec Holdings Advisors (I)(P) Ltd (supra), following the same, we ..... X X X X Extracts X X X X X X X X Extracts X X X X
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