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| The Tax Publishers2020 TaxPub(DT) 1077 (Kol-Trib) INCOME TAX ACT, 1961
Section 263
Since Finance Act, 2017 omitted section 92BA(i) from retrospective effect, AO inaction in not making reference to TPO did not render assessment erroneous causing prejudice to interest of the revenue. Pr.CIT's revision directions under challenge were accordingly reversed and AO's regular assessment was restored.
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Revision under section 263 - Erroneous and prejudicial order - Invocation of revisionery jurisdiction on the ground of AO not having made reference to 'TPO' for determining arm's length price of large specified domestic transactions(s) recorded in form 3CEB -
CIT held assessment order as erroneous and prejudicial to the interest of revenue on the ground of AO not having made reference to 'TPO' for determining arm's length price of large specified domestic transactions(s) recorded in Form 3CEB.Held: Since Finance Act, 2017 omitted section 92BA(i) from retrospective effect, AO inaction in not making reference to TPO did not render assessment erroneous causing prejudice to interest of the revenue. Pr.CIT's revision directions under challenge were accordingly reversed and AO's regular assessment was restored.
Followed:Eveready Industries India Ltd. v. Pr. CIT ITA No. 805/Kol/2019, dated 13-12-2019 : 2019 TaxPub(DT) 8394 (Kol-Trib).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15
IN THE ITAT, KOLKATA BENCH
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