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TMI Blog2019 (3) TMI 1972X X X X Extracts X X X X X X X X Extracts X X X X ..... rs Pvt. Ltd. on the ground that these companies were merchant bankers or investment bankers and cannot be compared with the Assessee who was investment subadvisor - third instance of comparable is of ICRA Management Consulting Services Ltd. Tribunal accepted the Assessee's contention that ICRA Management provided a safe comparable. The Revenue disputes these three findings of the Tribunal. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... WAL, JJ. Mr. Sham V. Walve for Appellant. Mr. Porus Kaka, Senior Advocate a/w Mr. Divesh Chawla i/b Mr. Atul Jasani for Respondent. ORDER 1. The Revenue has filed this Appeal raising following questions for our consideration : (A) Whether on the facts and circumstances and in law, the Hon'ble ITAT was justified, in directing not to consider the case of Motilal Oswal In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... escon Corporate Advisors Pvt. Ltd. as a comparable, when the same was within the terms of Rule 10B(2) ? (D) Whether on the facts and circumstances and in law, the Hon'ble ITAT was justified, in directing not to consider the case of Brescon Corporate Advisors Pvt. Ltd. as a comparable, when equity related advisory is also part of its activities and not just Merchant Banking activities and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ince the issues raised by the Revenue in this Appeal are covered by earlier orders passed by this Court, we may record brief reasons only for dismissing this Appeal. 3. The Respondent Assessee is held to be an investment subadvisor by the Tribunal, with respect to which the Revenue has not raised any dispute in this Appeal. The dispute raised by the Revenue relates to either inclusion or exclus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n February 22, 2013 , this Court has confirmed the Tribunal's view that the case of investment advisor or subadvisor cannot be compared with a merchant banker or investment banker. The first two instances discarded by the Tribunal, therefore, do not call for any interference. 5. Insofar as the comparison with ICRA Investment is concerned, here also, the issue is covered against the Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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