https://www.taxtmi.com/caselaws?id=405931 The ITAT ruled in favor of the assessee, quashing the Principal Commissioner's order under section 263 of the Income Tax Act, 1961, for Assessment Year 2014-2015. The Tribunal held that the omission of the provision concerning specified domestic transactions, effective from April 1, 2017, implied it was never part of the statute. Consequently, the assessment order was not erroneous, and the requirement to refer the matter to the TPO was inapplicable. The Tribunal's decision relied on legal principles and a Supreme Court judgment regarding the impact of omitted statutory provisions. en-us Mon, 22 Mar 2021 00:00:00 +0530 Mon, 28 Oct 2024 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405931 The ITAT ruled in favor of the assessee, quashing the Principal Commissioner's order under section 263 of the Income Tax Act, 1961, for Assessment Year 2014-2015. The Tribunal held that the omission of the provision concerning specified domestic transactions, effective from April 1, 2017, implied it was never part of the statute. Consequently, the assessment order was not erroneous, and the requirement to refer the matter to the TPO was inapplicable. The Tribunal's decision relied on legal principles and a Supreme Court judgment regarding the impact of omitted statutory provisions. Case-Laws Income Tax Mon, 22 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405931