Bain Capital Advisors (India) Private Limited vs ACIT

Whether the Transfer Pricing Officer (TPO) and Dispute Resolution Panel (DRP) erred in rejecting the assessee's selected comparables (Cyber Media Research Ltd., Frontline Venture Services Private Limited, Primary Real Estate Advisors Private Limited) and including functionally incomparable companies (Motilal Oswal Private Equity Advisors Private Limited, Ladderup Corporate Advisory Private Limited) for benchmarking the arm's length price of international transactions of investment advisory services --- Held Yes, the Tribunal allowed the assessee's appeal, directing exclusion of the TPO/DRP-selected comparables and inclusion of the assessee's selected comparable (Cyber Media Research Ltd.).