Upward adjustment u/s 92BA(i) of the Income Tax Act deemed void due to section's omission from statute since 2017.

Upward adjustment u/s 92BA(i) of the Income Tax Act deemed void due to section's omission from statute since 2017. https://www.taxtmi.com/highlights?id=61393 Transfer pricing - Specified Domestic Transaction (SDT) u/s 92BA(i) r.w.s. 40A(2)(b) - No justification in passing the impugned order by the TPO/AO in making upward adjustment invoking Section 92BA(i) of the Act in the present facts and circumstances of the case particularly when the said section stood omitted w.e.f. 01.04.2017 from the statute itself. Hence, we find the same is without any basis, void ab initio and without jurisdiction. - AT en-us Wed, 12 Jan 2022 12:38:41 +0530 Wed, 12 Jan 2022 12:38:41 +0530 TaxTMI RSS Generator Upward adjustment u/s 92BA(i) of the Income Tax Act deemed void due to section's omission from statute since 2017. https://www.taxtmi.com/highlights?id=61393 Transfer pricing - Specified Domestic Transaction (SDT) u/s 92BA(i) r.w.s. 40A(2)(b) - No justification in passing the impugned order by the TPO/AO in making upward adjustment invoking Section 92BA(i) of the Act in the present facts and circumstances of the case particularly when the said section stood omitted w.e.f. 01.04.2017 from the statute itself. Hence, we find the same is without any basis, void ab initio and without jurisdiction. - AT Highlights Income Tax Wed, 12 Jan 2022 12:38:41 +0530 https://www.taxtmi.com/highlights?id=61393