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TMI Blog2022 (9) TMI 602X X X X Extracts X X X X X X X X Extracts X X X X ..... rlyle India Advisors (P.) Ltd. [ 2013 (4) TMI 486 - BOMBAY HIGH COURT] as 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 Blackstone Advisors India (P.) Ltd.[ 2019 (10) TMI 1509 - SC ORDER] Thus Integrated Capital Services Ltd. and Motilal Oswal Investment Advisors Pvt. Ltd cannot at all be held as comparables with the assessee company. For IDC India Limited - As this Court in Commissioner of Income-tax-3, Mumbai Vs. General Atlantic (P.) Ltd. . [ 2016 (3) TMI 736 - BOMBAY HIGH COURT] the Tribunal adopted only IDC India Ltd. as comparable. The Tribunal had adopted IDC India Limited, which was common between the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench, Mumbai relevant to the assessment year 2009-10. 2. The following questions of law have been proposed for our consideration : (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the AO against which objections were fled before the Dispute Resolution Panel-II, Mumbai ( DRP ) under section 144C (13) pursuant to which the AO proceeded to pass a final order of assessment, rejecting the objections of the assessee, an adjustment of Rs.34,16,50,457/- was made to the total income under section 92CA(3) of the Act. 6. The issue was finally considered by the Income Tax Appellate Tribunal, Mumbai ( Tribunal ) 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 b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ually so it was urged that there was no basis for the Tribunal to hold ICRA Management Consulting Services Limited and IDC India Limited as comparables. 12. We have heard learned counsel for the parties. 13. The issue as to whether Integrated Capital Services Ltd. and Motilal Oswal Investment Advisors Pvt. Ltd., which are engaged in providing investment banking services, could be declared as comparable to a company which was providing investment 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 me ..... X X X X Extracts X X X X X X X X Extracts X X X X
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