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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 ..... 017 (8) TMI 1490 - ITAT MUMBAI] and Wells Fargo Real Estate Advisors Pvt. Ltd. [ 2018 (1) TMI 931 - ITAT MUMBAI] have held that the above said company cannot be considered to be a comparable for an investment advisory company. Following the above said decisions, we hold that M/s Motilal Oswal Private Equity Advisors Pvt. Limited cannot be taken as comparable in the hands of the assessee company. IDC (India) Limited company was considered by the co-ordinate bench in the case of Temasec Holdings Advisors (I) P Ltd , [ 2017 (8) TMI 1490 - ITAT MUMBAI] 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. M/s ICRA online Ltd is also mostly engaged in investmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owing 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 of Motilal Oswal Private Equity Advisors Pvt. Ltd. and inclusion of two other comparables mentioned above. 4. We have heard the parties and perused the record. With regard to Motilal Oswal Private Equity Advisors Pvt. Ltd., the learned AR submitted that the said company is acting as investment manager , i.e. they are managing the funds given by their clients and hence they are acting as portfolio manager. On the contrary, the present assessee is engaged in providing investment advisory services only. The Learned AR submitted that the Tribunal, in i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 actual investment in addition to carrying on research activities. Accordingly, learned DR submitted that there is no much difference in the activities carrying out by the assessee-company and Motilal Oswal Private Equity Advisors Pvt. Limited. Hence, it should be taken as comparable. He further submitted that the Tribunal in the case of Wells Fargo Real Estate Advisors Pvt. Limited (supra) rejected this company only for the reason that the TPO did cherry picking of comparable. 7. We have heard the rival contentions on this issue and perused the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Holding Advisors India Pvt. Limited was given for A.Y. 2010-11 and year under consideration is 2008-09. He contended that the activities carried on by Motilal Oswal Private Equity Advisors Pvt. Limited in A.Y. 2008-09 needs to be verified in order to find out whether it was actually undertaking portfolio management works or not. 9. We have earlier noticed that the learned AR has carried us through Annual Report and Financial Statements of Motilal Oswal Private Equity Advisors Pvt. Limited. We noticed from the financial statements that the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ., 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 direct the TPO to include the above said company as comparable company. 13. The next comparable urged by the assessee to be included is M/s ICRA online Ltd. The Ld A.R submitted that the co-ordinate bench in the case of Temasec Holdings Advisors (I) (P) Ltd has held to be a good comparable. The Learned DR, on the contrary, submitted that ICRA Online Limited is dealing in product and services. Since it is dealing in products, the Ld D.R contended that it cannot be comparable with the assessee-company. 14. We noticed that the Coord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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