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| The Tax Publishers2019 TaxPub(DT) 7962 (Ind-Trib) INCOME TAX ACT, 1961
Section 263
Issue was squarely covered by decision of the Tribunal rendered in case of Swastik Coal Corporation Pvt. Ltd. v. Pr. CIT ((2019) 35 ITJ 489 (Ind) : 2019 TaxPub(DT) 5019 (Ind-Trib), therefore, the order was revised purely on the basis that AO had not referred issue to TPO to determine ALP. Since provision itself stood omitted at the time when order was passed by PCIT, order could not be sustained. Therefore, order was quashed.
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Revision under section 263 - Validity - AO failed to refer the specified domestic transactions to TPO -
Assessee's case was picked up for scrutiny assessment and while framing the assessment, AO accepted return declared by assessee, however, subsequently PCIT issued a notice under section 263 calling upon assessee as to why assessment order so framed should not be revised on the basis that AO did not examine loss from currency fluctuations and also did not refer matter to TPO for computing value of specified domestic transactions. Held: Issue was squarely covered by decision of this Tribunal rendered in case of Swastik Coal Corporation Pvt. Ltd. v. Pr. CIT ((2019) 35 ITJ 489 (Ind) : 2019 TaxPub(DT) 5019 (Ind-Trib) the order was revised purely on the basis that AO had not referred the issue to TPO to determine ALP. Since provision itself stood omitted at the time when order was passed by PCIT, order could not be sustained. Therefore, order was quashed.
Followed:General Finance Co. & Anr. v. Asstt. CIT (2002) 257 ITR 0338 (SC) : 2002 TaxPub(DT) 1644 (SC) Malabar Industrial Co. Ltd. v. CIT (2000) 243 ITR 0083 (SC) : 2000 TaxPub(DT) 1227 (SC) Rayala Corporation (P) Ltd. & Ors. v. Director of Enforcement 1969 (2) SCC 412 and Swastik Coal Corporation Pvt. Ltd. v. Pr. CIT (2019) 35 ITJ 489 (Ind) : 2019 TaxPub(DT) 5019 (Ind-Trib)
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE ITAT, INDORE BENCH
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