https://www.taxtmi.com/caselaws?id=752536 ITAT Ahmedabad ruled that TPO/AO lacked jurisdiction to make upward adjustment under Section 92BA(i) for Specified Domestic Transactions after the provision was omitted by Finance Act 2017 effective 01.04.2017. The tribunal held that when a statutory provision is unconditionally repealed without saving clause, it becomes non-existent and cannot apply to pending proceedings. The TPO/AO's order was deemed void ab initio and without legal basis. ITAT upheld CIT(A)'s decision deleting the upward adjustment, ruling against revenue. en-us Fri, 10 May 2024 00:00:00 +0530 Mon, 13 May 2024 08:37:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752536 ITAT Ahmedabad ruled that TPO/AO lacked jurisdiction to make upward adjustment under Section 92BA(i) for Specified Domestic Transactions after the provision was omitted by Finance Act 2017 effective 01.04.2017. The tribunal held that when a statutory provision is unconditionally repealed without saving clause, it becomes non-existent and cannot apply to pending proceedings. The TPO/AO's order was deemed void ab initio and without legal basis. ITAT upheld CIT(A)'s decision deleting the upward adjustment, ruling against revenue. Case-Laws Income Tax Fri, 10 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752536