Transfer Pricing Dispute Resolved: Legislative Omission Invalidates Tax Reassessment Under Section 92BA and 92CA

ITAT dismissed revenue's appeal regarding transfer pricing adjustment under Section 92BA. The tribunal held that post-Finance Act 2017 amendment, which omitted the specific sub-clause, effectively means the provision was never part of the statute. Consequently, the Assessing Officer's action under Section 92CA was deemed invalid, rendering the Transfer Pricing Officer and Dispute Resolution Panel's consequential orders unsustainable. The tribunal unequivocally rejected revenue's contentions, emphasizing the legal principle that legislative omission negates retrospective transfer pricing assessments, thus providing a definitive ruling against administrative tax reassessments. .....

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