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2023 (5) TMI 255 - AT - Income TaxRevision u/s 263 - TP Adjustment - Domestic Transfer Pricing u/s 92BA(i) as assessee had made purchases from its related party - Pr. CIT held that the assessment order passed u/s 143(3) as erroneous and prejudicial to the interest of Revenue for the only reason that the Assessing Officer failed to refer the specified domestic transactions to the TPO for determining the Arm’s Length Price - HELD THAT:- It is observed that sub clause (i) of section 92BA has been repealed vide Finance Act, 2017 with effect from 1.04.2017. This Amendment to sub clause (i) of section 92BA was made even prior to completion of assessment under section 143(3) of the Act by the Assessing Officer on 22.09.2017 and for that matter even prior to passing of the order by the ld. Pr. CIT under section 263 of the Act. In the case on hand admittedly the order under section 143(3) of the Act has been revised solely on the ground that the Assessing Officer has not referred to the TPO to determine the Arm’s Length Price of the specified domestic transactions. Since the provision of sub clause (i) of clause 92BA itself stood omitted at the time when the order was passed by the ld. Pr. CIT, in the light of the above judgements and also the decision of the Hon’ble Supreme Court in the case of General Finance Company[2002 (9) TMI 3 - SUPREME COURT] the impugned order of the ld. Pr. CIT passed under section 263 cannot be sustained and the same is hereby quashed. The ground raised by the assessee is allowed.
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