Tribunal held that when clause (i) of section 92BA has been omitted by Finance Act, 2017 with effect from 01-04-2017, without any saving clause of General Clauses Act, it would be treated as said clause never existed in Statute Book and, thus, impugned revisional proceedings initiated by Commissioner under section 263 in respect of specified domestic transactions referred to in clause (i) of section 92BA in relevant assessment year is held to be bad in law. (AY. 2014-15)
Raipur Steel Casting India (P.) Ltd. v. PCIT (2020) 184 ITD 86 / 208 TTJ 450 (Kol.)(Trib)/Srinath Ji Furnishing ( P) Ltd v.PCIT (2020) 184 ITD 86 /208 TTJ 450 (Kol.) (Trib)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Specified domestic transactions– When clause (i) of section 92BA has been omitted by Finance Act, 2017 with effect from 01-04-2017, without any saving clause of General Clauses Act, it would be treated as said clause never existed in Statute Book-Revision is held to be bad in law. [S. 92BA]