https://www.taxtmi.com/caselaws?id=397153 The Tribunal held that the omission of clause (i) of section 92BA of the Income Tax Act, 1961 rendered any reference to the Transfer Pricing Officer (TPO) under this clause invalid. It was also concluded that the Principal Commissioner of Income Tax (PCIT) could not exercise jurisdiction under section 263 based on a provision that was legally non-existent due to its omission. The Tribunal emphasized that the omission of a statutory provision without a saving clause should be treated as if the provision never existed, thereby invalidating any proceedings initiated under it. Consequently, the appeal of the assessee was allowed, and the order of the Principal CIT was deemed ab initio void. en-us Fri, 31 Jul 2020 00:00:00 +0530 Thu, 06 Aug 2020 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397153 The Tribunal held that the omission of clause (i) of section 92BA of the Income Tax Act, 1961 rendered any reference to the Transfer Pricing Officer (TPO) under this clause invalid. It was also concluded that the Principal Commissioner of Income Tax (PCIT) could not exercise jurisdiction under section 263 based on a provision that was legally non-existent due to its omission. The Tribunal emphasized that the omission of a statutory provision without a saving clause should be treated as if the provision never existed, thereby invalidating any proceedings initiated under it. Consequently, the appeal of the assessee was allowed, and the order of the Principal CIT was deemed ab initio void. Case-Laws Income Tax Fri, 31 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397153