2021 (12) TMI 315

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....for Appellant. Ms. Priyanka Bora i/b Mr. Atul K. Jasani for Respondent. P.C. : 1. The following three substantial question of law has been proposed in this appeal. QUESTION OF LAW 1. Whether on the facts and circumstances of the case and in law, the Honourable ITAT was justified under Rule 10B (2)(b), in directing the AO/TPO to exclude M/s. Motilal Ostwal Investment Advisors P....

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.... without appreciating the fact that as per the notes to accounts - para 4, it operates in only one segment, of providing investment advisory services and without appreciating the fact that the comparable company also earned substantial revenue (49.85%) from similar activities i.e. non binding investment advisory in financial sector? 3. Whether on the facts and circumstances of the case an....

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....stimate of the fair value which the Indian Company had paid or had received from its Associate Enterprise (A.E.), such exercise is required to be undertaken by the Transfer Pricing Officer (TPO) on the basis of the facts and figures relating to comparable cases of other similarly placed entities, whose relevant data is available in the public domain. As per the provisions of the Act and the Rules,....

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....levant materials brought before the authorities, i.e., the TPO or Dispute Resolution Panel (DRP) or ITAT, which are the fact finding authorities. We are supported in this view by two judgments of this court in Pr. Commissioner of Income Tax-6 Vs. M/s Eight Roads Investment Advisors Pvt Ltd., Dated 27th February 2020 in ITXA No.1125 of 2017 (Unreported) and The Pr. Commissioner of Income Tax-1 Vs. ....