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2020 (6) TMI 563 - ITAT GAUHATIRevision u/s 263 - AO had failed to refer to the TPO under section 92CA related party transactions which is falling within the meaning of 'specified domestic transactions' u/s 92BA(i) to arrive at the Arm's Length Price (ALP) u/s 92C of the Act as required in terms of CBDT InstructionNo. 3/2016 dated 10.03.2016 - HELD THAT:- In Coordinate Benches [in the case of Swastik Coal Corporation Pvt Ltd [2019 (7) TMI 1486 - ITAT INDORE] we hold that since clause (i) section 92A was omitted with effect from 1st April, 2017 and the effect of such omission is that the said clause(i) was never existed in the statute. Hence, Ld. PCIT can not exercise the jurisdiction u/s 263 of the Act. As the issue is squarely covered in favour of the assessee by the decision of the Coordinate Benches (supra), and there is no change in facts and law and the Revenue is unable to produce any material to controvert the aforesaid findings of Coordinate Bench. We uphold the contention of the assessee and quash the order passed by the ld PCIT under section 263 of the Act. - Decided in favour of assessee.
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