The assessee had entered into various Specified Domestic Transactions (SDT) referred to in clause (1) of section 92BA with its Associated Enterprises (AEs). Accordingly, case was referred to TPO under section 92CA. Tribunal held that since clause (1) deletion 92BA had been omitted by Finance Act, 2017 with effect from 1-4-2017 and nothing was specified whether proceeding initiated or action taken on this would continue, proceeding initiated or action taken under this clause would not survive at all and reference to TPO and consequent orders were had in law. (AY. 2016-17)
Shahi Exports v. ACIT 194 ITD 177 (Delhi)(Trib.)
S. 92BA : Transfer pricing-Domestic transactions-Vide amendment by Finance Act, 2017, clause 6) of section 92BA had been omitted from 1-4-2017, it would be deemed that clause 6 has never been on statute and since nothing was specified whether proceeding initiated or action taken on this would continue, proceeding initiated or action taken under that clause would not survive. [S. 92C]