Dismissing the appeal of the revenue the Court held that, Tribunal held that  ICSL was engaged in providing advisory and consulting services in the specialized area of mergers and amalgamations, Turnaround Restructuring Advisory Services (TRAS) i.e., in nature of an investment/merchant banker—However, assessee was merely rendering an unbinding investment advisory of its AEs. Merchant banking and investment banking was functionally different from activity of investment advisor. ITAT excluded ICSL from list of comparable. (AY.2009-10)