Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (7) TMI 1394 - AT - Income TaxApplicability of clause (i) of section 92BA as omitted from 01.04.2017 - validity of transfer pricing reference of a ‘specified domestic transaction’- whether any transfer pricing adjustment per se can be made in respect of specified domestic transactions u/s 92BA of the Act in view of the fact that section 92BA(i) has been omitted from the statute by the Finance Act, 2017 w.e.f. 01.04.2017? - HELD THAT:- This issue is no longer res integra in view of the decision in the case of PCIT vs. Texport Overseas Pvt. Ltd [2019 (12) TMI 1312 - KARNATAKA HIGH COURT] wherein it was held that clause (i) of section 92BA having been omitted by the Finance Act, 2017 w.e.f. 01.04.2017 from the statute, the resultant effect would be that it had never been passed and, hence, the decision taken by the AO under the effect of section 92BA of the Act and reference made to the TPO u/s 92CA of the Act was invalid and bad in law. Respectfully following the same, we have no hesitation in holding that the transfer pricing adjustment made could not be made, in the facts and circumstances of the instant case. Appeal of the assessee is allowed.
|