The Tax Publishers2020 TaxPub(DT) 1034 (Kol-Trib)

INCOME TAX ACT, 1961

Section 263 Section 92BA

Finance Act, 2017 has omitted section 92BA(i) with retrospective effect and, therefore, inaction in not making reference to TPO did not render assessment erroneous cusing prejudice to interest of the revenue.

Revision under section 263 - Erroneous and prejudicial order - Invocation of jusisdiction on account of no reference made to TPO in terms of section 92BA as regards specified domestic transactions -

CIT held assessment order as erroneous and prejudicial to the interest of revenue on the ground of AO not having made reference to TPO in terms of section 92CA as regards assessee's specified domestic transaction.Held: Finance Act, 2017 has omitted section 92BA(i) with retrospective effect and therefore, inaction in not making reference to TPO did not render assessment erroneous causing prejudice to interest of the revenue.

Followed:Eveready Indstries India Ltd. v. Pr. CIT [ITA No. 805/Kol/2019, dt. 13-12-2019] : 2019 TaxPubIDT) 8394 (Kol-Trib).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2014-15

IN THE ITAT, KOLKATA BENCH

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