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ITAT held that the TPO order under section 92CA(3) and the assessment order under section 143(3) insofar as they invoked section 92BA(i) are invalid and void ab initio because section 92BA(i) was omitted with effect from 01.04.2017; accordingly the Tribunal upheld the CIT(A)'s deletion of the upward transfer-pricing adjustment equal to 10% of the aggregate value of specified domestic transactions. The Revenue's appeal was dismissed as devoid of merit; the impugned additions made by reference to the now-omitted statutory provision cannot stand against the Assessee in the absence of any saving provision.
ITAT held that the TPO order under section 92CA(3) and the assessment order under section 143(3) insofar as they invoked section 92BA(i) are invalid and void ab initio because section 92BA(i) was omitted with effect from 01.04.2017; accordingly the Tribunal upheld the CIT(A)'s deletion of the upward transfer-pricing adjustment equal to 10% of the aggregate value of specified domestic transactions. The Revenue's appeal was dismissed as devoid of merit; the impugned additions made by reference to the now-omitted statutory provision cannot stand against the Assessee in the absence of any saving provision.
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