Pr. Commissioner Of Income Tax-3 v. M/S Nvp Venturecapital India Pvt. Ltd. (Income Tax Appeal

Priya Soparkar IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1389 OF 2016 Pr.Commissioner of Income-Tax-7 … Appellant V/s. M/s Lehman Brothers Advisers… Respondent --- Mr.Suresh Kumar for the Appellant.Mr.Arjit Chakravarty with Ms.Shraddha Swarup i/by Mr.AbhishekTilak for the Respondent. --- CORAM : AKIL KURESHI AND M.S.SANKLECHA, JJ. DATE : JANUARY 18, 2019. P.C.:- 1.This Appeal under Section 260-A of the Income Tax Act,1961 (the Act), challenges the order dated 30[th] September,2015 passed by the Income Tax Appellate Tribunal (the Tribunal).This Appeal relates to Assessment Year 2008-09. 2.The Revenue urges the following question of law for ourconsideration: “Whether on the facts and in the circumstances ofthe case, the Tribunal was correct in rejecting the comparable i.e. M/s Motilal Oswal InvestmentAdvisors Pvt. Ltd. for purposes of working out theadjustment of ALP despite the Transfer PricingOfficer having clearly establishment the functionalsimilarity between the assessee company andMotilal Oswal Investment Advisors Pvt. Ltd.?” 3.Mr. Sureksh Kumar, learned counsel appearing in support ofthis appeal very fairly states that the issue arising in thisquestion stands concluded against the appellant-revenue and infavour of the respondent-assessee by the decision of this Court in Pr. Commissioner of Income Tax-3 Vs. M/s NVP VentureCapital India Pvt. Ltd. (Income Tax Appeal No.406 of 2016)decided on 18[th] September, 2018 and Pr. Commissioner ofIncome Tax-2 Vs. M/s Arisaig Partner India Pvt. Ltd. (IncomeTax Appeal No.609 of 2016) decided on 10[th] October, 2018. 4.In above view, the question as proposed does not give riseto any substantial question of law. Thus, not entertained. 5.Accordingly, tax appeal is dismissed. No order as to costs. (M.S.SANKLECHA,J.) (AKIL KURESHI,J.)