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TMI Blog2023 (11) TMI 1276X X X X Extracts X X X X X X X X Extracts X X X X ..... any contrary decision of the Hon ble Jurisdictional High Court. As per the Law of Precedence, we are duty bound to follow the decision of the Hon ble Karnataka High Court in the absence of any contrary decision of the Hon ble Jurisdictional High Court on the issue. Therefore, we uphold the decision of Ld.CIT(A). Decided against revenue. - Shri S.S. Godara, Judicial Member And Dr. Dipak P. Ripote, Accountant Member For the Assessee : Shri Mahavir Atal-CA. For the Revenue :Shri Rajat Singhal-Sr. DR. ORDER PER DR. DIPAK P. RIPOTE, AM : This is an appeal filed by the Dy. Commissioner of Income Tax Circle 4 Nagpur against the order of the Commissioner of Income Tax(Appeal)-1, Nagpur dated 29/11/2019 emanating from the Assessment Order under s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ricing Officer. The Transfer pricing officer (TPO) recommended an adjustment of Rs. 2,09,29,258/- to the value of the specified domestic transaction of the Assessee vide his order dated 30/10/2018 u/s 92CA(3) of the Act. The AO accordingly made addition of Rs. 2,09,29,258/- to the Total Income of the assessee. Aggrieved by the order of the AO the Assessee filed appeal before the Ld.CIT (A) who deleted the said addition following the decision of ITAT Bangalore Bench in the case of Texport Overseas Pvt. Ltd (supra). 4.2 The Hon ble Karnataka High Court has upheld the said decision of ITAT Bangalore Bench. It is observed that the issue is decided in favour of the assessee by Hon ble Karnataka High Court in the case of Texport Overseas Pvt. Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer TPO under section 92CA could be invalid and bad in law. 7. It is for this precise reason, tribunal has rightly held that order passed by the TPO and DRP is unsustainable in the eyes of law. The said finding is based on the authoritative principles enunciated by the Hon'ble Supreme Court in Kolhapur Canesugar Works Ltd. referred to herein supra which has been followed by Co-ordinate Bench of this Court in the matter of M/s. GE Thermometrias India Private Ltd., stated supra. As such we are of the considered view that first substantial question of law raised in the appeal by the revenue in respective appeal memorandum could not arise for consideration particularly when the said issue being no more res integra. Unquote. 4.3 Thus, the Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X
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