2023 (9) TMI 1669

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....o as the "Act") dated 24.04.2019 for AY 2015-16. 2. Assessee has taken 13 ground of appeal in its appeal memo in Form No. 36B. It has also raised additional grounds twice. First time, the addition grounds were raised vide application dated 09.06.2023. Second time, additional grounds have been taken in this last hearing held on 06.09.2023. Ld. Counsel asserted that the latest additional grounds taken on 06.09.2023 be dealt in first as it goes to the root of the matter, being jurisdictional in nature. On confrontation of this submission to the Ld. DR, he did not object on the same and, therefore, we proceed to first adjudicate on the latest additional ground taken by the assessee, which is reproduced as under: I . For that the aut....

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....whom SDT has been entered into Transaction Amount involved Method adopted DPP Securities Pvt. Ltd. Trading of goods 498995683 Resale price method Matadi Tradecom Pvt. ltd. Trading of goods 108498042 Resale price method Softel Associates Pvt. ltd. Trading of goods 3421800 Resale price method 5. To corroborate the nature of transactions and AEs of the assessee, ld. Counsel referred to Form 3CEB furnished by the assessee to the department. He referred to clause 21 and clause 22 of Form 3CEB to demonstrate that the transactions in respect of which adjustments have been made are all SDTs, carried out with its AEs who are common shareholders and directors. 5.1. Ld. Counsel thus, submitted that on....

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....is fold of contention raised by the ld. Counsel for the assessee. We are of the view that Coordinate Benches have taken a view that since clause (i) of section 92BA stands omitted from the provision and omission of such is to be construed as if it never existed in the Statute Book and if it never existed in the Statute Book, then, no Arm's Length Price is required to be determined for a transaction with specified persons in section 40A(2)(b) of a domestic transaction. If no Arm's Length Price is required to be determined, then, no reference was required to be made. 7.1. To buttress our views, we find force from the decision of Hon'ble High court of Karnataka in the case of PCIT Vs. T export Overseas Pvt. Ltd. (2020) 114 taxmann.c....