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TMI Blog2023 (9) TMI 1669X X X X Extracts X X X X X X X X Extracts X X X X ..... s to be construed as if it never existed in the Statute Book and if it never existed in the Statute Book, then, no Arm's Length Price is required to be determined for a transaction with specified persons in section 40A(2)(b) of a domestic transaction. If no Arm's Length Price is required to be determined, then, no reference was required to be made. See Texport Overseas Pvt. Ltd. [2019 (12) TMI 1312 - KARNATAKA HIGH COURT] wherein held 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 the Assessing Officer under the effect of section 92B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould have been made to the transactions between the appellant and its associates enterprises under the said provision. 2. For that the authorities below erred in not considering that clause (i) of section 92BA having been omitted by the Finance Act, 2017, the reference made under section 92CA of the Act to the Transfer Pricing Officer, the adjustment proposed under section 92CA of the Act and the adjustment made to the purchase price in the Assessment Order are erroneous and contrary to law." 3. Through these additional grounds, ld. Counsel has asserted that pursuant to the omission of clause (i) of section 92BA, the proceedings initiated and action taken in the said clause do not survive at all, rendering the adjustment made by the Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt case the reference and adjustment proposed u/s. 92CA and addition made in the assessment order are erroneous and contrary to the law. 5.2. Ld. Counsel submitted that the position of law with regard to omission of a provision from a statute is settled, which is the normal effect of repealing a statute or deleting a provision is to obliterate it from the statute-book as completely as if it had never existed. If a provision of a statute is unconditionally omitted without a saving clause in favour of pending proceedings, all actions must stop where the omission finds them, and if final relief has not been granted before the omission goes into effect, it cannot be granted afterwards. 5.3. He further submitted that the said view has been set ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... effect of omission of sub-section (9) to section 10B of the Act w.e.f. 01.04.2004 by Finance Act, 2003 and held that there was no saving clause or provision introduced by way of amendment by omitting sub-section (9) of section 10B. In the matter of General Finance Co. Vs. ACIT., which judgment has also been taken note of by the tribunal while repelling the contention raised by revenue with regard to retrospectivity of section 92BA(i) of of the Act. Thus, 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 the Assessing Officer under the effect of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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