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2023 (8) TMI 717 - AT - Income TaxApplicability of section 92BA(i) on the SDT [Specified domestic transactions] - HELD THAT:- As relying on EDELWEISS RURAL & CORPORATE SERVICES LIMITED case [2022 (6) TMI 1373 - ITAT MUMBAI] we hold that the reference made to the TPO in respect of specified domestic transactions mentioned in clause (i) of sec. 92BA is not valid, as the said provision is omitted since inception. We also note in the above judgment that the issue has been remitted for fresh examination with respect to the claim of SDT in terms of the provision of sec. 40A(2)(b) of the Act. Since in this case the assessee has undertaken international transactions of Rs. 21,15,692 which is less than Rs. 1 crore, therefore the TP adjustment should not be made. With these observations, we remit this issue to the file of the AO for examination and decide as per law. This issue is allowed for statistical purpose. Not giving setting off of loss form the brought forward business loss and unobserved depreciation loss - This issue has been addressed by the AO at para No. 9 in the final Assessment Order at the request of the learned AR. This issue is also remitted back to the AO for deciding the issue afresh in accordance with law and the assessee is directed to produce necessary documents for substantiating its case and not to seek unnecessary adjournments. Appeal by the assessee is allowed for statistical purposes.
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