2020 (11) TMI 1116 - SCH - Income Tax

Effect of section 92BA as omitted by Finance Act, 2017 w.e.f. 01.04.2017 - effect of repeal of a statute vis-a-vis deletion/addition of a provision in an enactment and its effect thereof - TP Adjustment - AO made a reference to TPO u/s 92CA to determine arms length price as the assessee had entered into specified domestic transaction and on the ground it was covered u/s 92BA - as decided by HC 2019 (12) TMI 1312 - KARNATAKA HIGH COURT when clause (i) of Section 92BA having been omitted by the Finance Act, 2017, with effect from 01.07.2017 from the Statute the resultant effect is that it had never been passed and to be considered as a law never been existed. Hence, decision taken by the Assessing Officer under the effect of section 92BI and reference made to the order of TPO under section 92CA could be invalid and bad in law. HELD THAT - Delay condoned. Issue notice.

Summary

Supreme Court of India issued an order in 2020 (11) TMI 1116 - SC. Justices Ashok Bhushan, R. Subhash Reddy, and M.R. Shah presided. Petitioner represented by Mr. Sanjay Jain, ASG, Mr. Manish Pushkarna, Adv., Ms. Aakanksha Kaul, Adv., Mrs. Anil Katiyar, AOR. Respondent did not appear. Delay condoned, notice issued.