TMI Blog2023 (1) TMI 1089X X X X Extracts X X X X X X X X Extracts X X X X ..... visors India Pvt. Ltd (MOIALP) be taken out from the list of valid comparables. In regard to ICRA Management Consultancy Services (ICRA) and IDC India Limited (IDCL), DRP held that the functions performed by ICRA were different from the functions carried out by the Petitioner and ICRA was providing consultancy services and was engaged in management consultancy and therefore, could not be considered as comparable. As regards IDCL, it was held that the same was not engaged in activities of providing investment advisory services and was functionally different from the functions of the assessee. The Tribunal, however, placed reliance upon AGM India Advisors Pvt. Ltd. [ 2020 (6) TMI 300 - BOMBAY HIGH COURT] wherein it was held that ICRA and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exclude M/s Acropetal Technology (AT) as comparable for ITeS on the ground that it was engaged in high end engineering design services, even though DRP has noted that AT carried out activities in three different segments, i.e. engineering design, ITeS and healthcare BPO, and the segmental result of each activity was available in the Company s annual report activities which could be used for the purpose of comparison with the functionally similar activity of the assessee Company ? 2. Whether, on the facts and in the circumstances of the case and in law, the ITAT is justified in directing the AO to include M/s CG VAK software and Exports Ltd (CVSEL) as a comparable for ITeS, even though segmental results show that the Company had persis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to include IDC India Ltd. (IDCL), a Company engaged in the business of market research and Management consultancy, as comparable for benchmarking of ALP of investment advisory services ? 5. The above three questions of law pertain to the exclusion of Motilal Oswal Advisors India Pvt. Ltd (MOIALP) and the inclusion of IDC India Limited (IDCL) and ICRA Management Consulting Services Ltd (ICRA) as comparables for benchmarking of Arms Length Price (ALP) of investment advisory services rendered by the Respondent. Admittedly, the Respondent-assessee is engaged in the business of non-binding investment advisory services as against Motilal Oswal Advisors India Pvt. Ltd, which is engaged in merchant banking, securities brokering and other IT- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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