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TMI Blog2018 (4) TMI 1510X X X X Extracts X X X X X X X X Extracts X X X X ..... smuch as Keynote Corporate Service Ltd had undergone amalgamation with another entity. In these circumstances, the question whether Keynote Corporate Service Ltd figures are to be included or not, requires fresh determination, having regard to the specific issue of functional similarity; the matter is therefore, remitted to ITAT. It is open to the ITAT to consider the findings with respect to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . - ITA 286/2018 - - - Dated:- 12-3-2018 - Hon'ble Mr. Justice s. Ravindra Bhat Hon'ble Mr. Justice A. K. Chawla Mr. Zoheb Hossain, Sr. Standing For The Appellant. Mr. Vikas Srivastava, Mr. Mayank Aggarwal, Mr. Atul Nanawat and Ms. Kanika Jain, Advs. For The Respondent. ORDER Admit. Issue notice. Mr.Vikas Srivastava, Adv accepts notice of the appeal. With ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clusion of the comparables which might otherwise be functionally similar. The assessee urges that for AY 2006-07 after the judgment was delivered by this Court [on 27.04.2015 in Chryscapital Investment Advisors (India) Pvt. Ltd. Vs. Dy. Commissioner of Income Tax, (2015) 376 ITR 183 (Delhi)], the question of functional similarity was gone into and the ITAT rendered elaborate findings that Keynote ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity; the matter is therefore, remitted to ITAT. It is open to the ITAT to consider the findings with respect to the preceding years after the amalgamation. The ITAT will record its appropriate findings year-wise on the issue of functional similarity. With respect to the inclusion of Motilal Oswal Investment Advisors Pvt. Ltd., the Tribunal was of the opinion that on the application of appropria ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T, (2014) 51 taxmann.com 339 (Pune). This Court is of the opinion that adopting one procedure for only one entity and adopting another for all other entities or comparables can lead to a distorted picture. In these given circumstances this issue too is remanded to the ITAT for fresh consideration. The appeal is allowed in the above terms. The financial similarity/dis-similarity shall be cons ..... X X X X Extracts X X X X X X X X Extracts X X X X
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