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The ITAT Delhi held that u/s 92BA, TP adjustment for Specified Domestic Transactions is not applicable post omission of Clause (i) w.e.f. 1.4.2017. Citing Texport overseas case, it was established that the omitted section is deemed to have never existed. The request for a Special Bench due to conflicting judgments was denied. Consequently, no TP adjustment can be made for domestic transactions post omission of Clause (i) of section 92BA. The impugned order was deemed illegal and set aside in favor of the assessee.
The ITAT Delhi held that u/s 92BA, TP adjustment for Specified Domestic Transactions is not applicable post omission of Clause (i) w.e.f. 1.4.2017. Citing Texport overseas case, it was established that the omitted section is deemed to have never existed. The request for a Special Bench due to conflicting judgments was denied. Consequently, no TP adjustment can be made for domestic transactions post omission of Clause (i) of section 92BA. The impugned order was deemed illegal and set aside in favor of the assessee.
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