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        Case ID :
        Income Tax

        ITAT upheld the CIT(A)'s deletion of the transfer pricing upward...

        Transfer pricing upward adjustment deleted and section 271AA penalty quashed after clause (i) of section 92BA treated as omitted

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                ITAT upheld the CIT(A)'s deletion of the transfer pricing upward adjustment by the AO, finding no infirmity in treating the deleted clause (i) of section 92BA as never having existed following its omission by the Finance Act, 2017, and thereby rejecting Revenue's grounds. The Tribunal agreed that the TPO's adoption of the internal CUP as MAM and the AO's reliance on the erstwhile provision did not sustain the addition. Further, ITAT deleted the penalty under section 271AA imposed for non-maintenance of records relating to specified domestic transactions. The appeals filed by the Revenue were dismissed, and the assessment adjustments and penalty were quashed.
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