https://www.taxtmi.com/caselaws?id=756333 ITAT Pune held that transfer pricing adjustment under section 92C was unsustainable as section 92BA(i) was omitted by Finance Act 2017 with effect from 01.04.2017. Following Karnataka HC precedent in Texport Overseas case, the tribunal ruled that since TPO reference was made on 18.09.2017 and TP order passed on 30.10.2018 (both after omission), the adjustment was invalid. AO/TPO was directed to delete the adjustment. Additionally, tribunal rejected revenue's attempt to invoke section 40A(2)(b) as AO had not invoked this provision in the assessment order, and CIT(DR) cannot improve assessment order at appellate stage. en-us Thu, 30 May 2024 00:00:00 +0530 Wed, 31 Jul 2024 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756333 ITAT Pune held that transfer pricing adjustment under section 92C was unsustainable as section 92BA(i) was omitted by Finance Act 2017 with effect from 01.04.2017. Following Karnataka HC precedent in Texport Overseas case, the tribunal ruled that since TPO reference was made on 18.09.2017 and TP order passed on 30.10.2018 (both after omission), the adjustment was invalid. AO/TPO was directed to delete the adjustment. Additionally, tribunal rejected revenue's attempt to invoke section 40A(2)(b) as AO had not invoked this provision in the assessment order, and CIT(DR) cannot improve assessment order at appellate stage. Case-Laws Income Tax Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756333