Invalid Transfer Pricing Order Due to Missing Rs. 5 Crore Limit; Assessment Extension Unavailable u/s 92CA(3.

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....TP Adjustment - unauthorized reference to TPO u/s 92CA(3) - It has been demonstrated in the instant case that the threshold monetary limit of Rs.5 crore was not available to the Assessing Officer to characterize the transactions with AE as SDT to enable him to make a reference to the TPO. The order of the TPO u/s 92CA(3) is thus a nonest and a nullity in the eyes of law. Consequently, the extension of time under erstwhile provisions of Section 153 for passing the assessment order based on such nonest order from TPO is not available to the AO in the instant case. - AT....