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2021 (4) TMI 47 - AT - Income TaxRevision u/s 263 - case of the assessee was selected under scrutiny under CASS on account of large specified domestic transactions i.e. payment made to the related parties as specified under section 40A(2)(b) - Effect of amendment vide Finance Act, 2017, where Transfer Pricing Adjustments have been made at Arms length price - HELD THAT:- Admittedly the provisions relating to the expenditure in respect of which payment was made to the persons referred to section 40A(2)(b) of the Act was omitted by the Finance Act 2017 which was effective from 1st April 2017 and the impugned order was framed by the learned Pr. CIT dated on 25th February 2019. As relying on General Finance Company Vs. ACIT [2002 (9) TMI 3 - SUPREME COURT] we hold that since the provision itself stood omitted at the time when the order was passed by the Ld. Pr. CIT, which is undisputed fact, the impugned order cannot be sustained. Accordingly, the question of holding the assessment order as erroneous insofar prejudicial to the interest of Revenue does not arise on account of non-reference to the TPO with respect to the provisions for the specified domestic transactions prescribed under section 92BA of the Act which stood omitted. Hence it is hereby quashed. The impugned order is thus quashed and the grounds raised in the appeal are allowed.
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