Allowing the petition the Court held that since the “event of default” in March, 2014 occurred prior to the date of the amendment coming into force, October 1, 2014 the penalty order passed by the Transfer Pricing Officer was without jurisdiction. SLP of Revenue is dismissed. Followed, Varkey Chacko v. CIT (1993) 203 ITR 885 (SC)/ 1994 Suppl (1) SCC 264 ((AY. 2011-12)
Add. CIT v.Ericsson India Pvt. Ltd. (2024)468 ITR 2 (SC) Editorial : Ericsson India Pvt. Ltd. v. ACIT (2018) 305 CTR 584 / (2019) 411 ITR 333 (Delhi)(HC)
S. 271G : Penalty-Documents-International transaction-Transfer pricing-Failure to furnish information or documents-Change In Law-Default occurring prior to date of amendment conferring jurisdiction on Transfer Pricing Officer to impose penalty-Transfer Pricing Officer had no jurisdiction prior to Amendment i.e on October 1, 2014-SLP of Revenue is dismissed. [S. 2(7A), 92D(3), Art. 136]
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