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TMI Blog2019 (3) TMI 1247X X X X Extracts X X X X X X X X Extracts X X X X ..... TMI 840 - ITAT HYDERABAD] as relied by the CIT(A) in its order that the CO-ordinate Bench of Hyderabad Tribunal held that when the income having been finally assessed by the AO as per the normal provisions of the Act, the issue in respect of TP adjustment would become academic in nature. CIT(A) rightly placed reliance on the order of Co-ordinate Bench of Hyderabad Tribunal and as we discussed above, the AO completed assessment under normal provisions of the Act and he has no jurisdiction to add upwards adjustment as recommended by the TPO to the book profit. - decided against revenue - ITA No.2025 & 2026/KOL/2017 - - - Dated:- 8-2-2019 - Sh. J. Sudhakar Reddy, Accountant Member And Sh.S.S. Viswanethra Ravi, Judicial Member For the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... td Vs Deputy Commissioner of Income Tax, Circle-1(3),Hyderabad by their order dated 19th September, 2014, reported in [2014] 50 taxmann.com 455 (Hyderabad - Trib.), adjudicated as follows: 18. As regards the issue involved in ground No.10 relating to the addition made by the Assessing Officer on account of TP adjustments, while determining the book profit of the assessee company under S,115JB of the Act, it is observed that the income of the assessee having been finally assessed by the Assessing Officer as per the normal provisions of the Act, this issue is merely of academic nature. Nevertheless, as agreed by the learned representatives of both sides, this issue is squarely covered in favour of the assessee by the decision of the Hon& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ghtly held by the CIT(A) that there was no clause specified in respect of upward adjustment of international transaction. 4. Regarding the decision in Berkadia Services India Pvt.Ltd. vs DCIT [2014] 50 taxmann.com 455 (Hyd.-Trib.) as relied by the CIT(A) in its order that the CO-ordinate Bench of Hyderabad Tribunal held that when the income having been finally assessed by the AO as per the normal provisions of the Act, the issue in respect of TP adjustment would become academic in nature. We find that the CIT(A) rightly placed reliance on the order of COordinate Bench of Hyderabad Tribunal and as we discussed above, the AO completed assessment under normal provisions of the Act and he has no jurisdiction to add upwards adjustment as reco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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