https://www.taxtmi.com/caselaws?id=413558 The Tribunal set aside the TP adjustment made by the Assessing Officer, directing the deletion of the addition of Rs. 43,01,97,828/-. The appeal of the assessee was allowed, emphasizing that the TPO's approach was based on an incorrect premise and disregarded the functional profile of the appellant. The Tribunal also highlighted the binding nature of the Delhi High Court's decision in the case of Li and Fung India Ltd., which was not followed by the TPO despite the absence of a stay or suspension of the judgment. en-us Fri, 01 Oct 2021 00:00:00 +0530 Thu, 14 Oct 2021 09:14:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413558 The Tribunal set aside the TP adjustment made by the Assessing Officer, directing the deletion of the addition of Rs. 43,01,97,828/-. The appeal of the assessee was allowed, emphasizing that the TPO's approach was based on an incorrect premise and disregarded the functional profile of the appellant. The Tribunal also highlighted the binding nature of the Delhi High Court's decision in the case of Li and Fung India Ltd., which was not followed by the TPO despite the absence of a stay or suspension of the judgment. Case-Laws Income Tax Fri, 01 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413558