9911796707
TMI Blog2022 (9) TMI 602X X X X Extracts X X X X X X X X Extracts X X X X ..... nsideration : (i) Whether, on the facts and in the circumstances of the case and in law, the Tribunal was right by holding that M/s. Integrated Capital Services Ltd. and M/s. Motilal Oswal Investment Advisors Pvt. Ltd. are to be excluded and M/s. ICRA Management Consulting Services Ltd. and M/s. IDC Ltd. are to be included as comparables ignoring the FAR analysis carried out by the TPO? (ii) Whether, on the facts and in circumstances of the case and in law, the Tribunal erred by relying upon several case laws and not judging the comparability on the facts of the case though facts of each case are different and not squarely applicable to the facts of other cases? 3. The assessee-company is engaged in the business of investment advisory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ') in an appeal preferred by the assessee. 7. In regard to Integrated Capital Services Ltd., the Tribunal held that the said company was engaged in providing investment banking services, as against the assessee company which was engaged in providing investment advisory services. It thus excluded this company from being treated as a comparable to an investment advisory service provider. 8. In regard to Motilal Oswal Investment Advisors Pvt. Ltd. also, the Tribunal held that the same could not be treated as comparable inasmuch as the said company was a merchant banker. 9. In regard to ICRA Management Consulting Services Limited, a company which was suggested as a comparable, but was rejected by the TPO and the DRP, as being not functionall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stment advisory services is no longer res-integra. 14. The Apex Court in the case of Commissioner of Income-tax 10, Mumbai Vs. Carlyle India Advisors (P.) Ltd. [2013] 32 taxmann.com 23 (Bombay) has already held that the case of an investment advisor or sub-advisory cannot be compared with a merchant banker or investment banker. This view was reiterated in the case of Principal Commissioner of Income-tax-3 vs. Blackstone Advisors India (P.) Ltd. [2020] 114 taxmann.com 221 (SC). 15. In view of the aforementioned settled legal position, Integrated Capital Services Ltd. and Motilal Oswal Investment Advisors Pvt. Ltd cannot at all be held as comparables with the assessee company. 16. In so far as IDC India Limited is concerned, this Court in ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
