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2020 (2) TMI 947 - AT - Income TaxRevision u/s 263 - AO ought to have made mandatory reference to the “TPO” for determining arm’s length price of the large specified domestic transactions(s) recorded in Form 3CEB - Scope of amendment - HELD THAT:- We find that that this tribunal’s co-ordinate bench’s decision in AIC Iron Industries Pvt. Ltd., Principal Commissioner of Income Tax-1, Kolkata [2020 (2) TMI 897 - ITAT KOLKATA] for very assessment year 2014-15 has held that such an in a claim at the Assessing Officer does not render the corresponding regular assessment to be erroneous causing prejudice to the interest of the Revenue as per statutory amendment in the Act. Since the Finance Act, 2017 omitted sec. 92BA(i) from retrospective effect, the Assessing Officer’s inaction in not making reference to the TPO does not render the assessment erroneous causing prejudice to interest of the Revenue. The PCIT’s revision directions under challenge are accordingly reversed. The Assessing Officer’s regular assessment dated 23.11.2016 is restored - Decided in favour of assessee
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