The Tribunal noted that the AO did not make reference of the specified domestic transactions to the TPO. Further, the AO not enquiring into how the transaction of commodity exchange loss on NCX & NCDEX qualified as speculative transactions in terms of section 43(5) with necessary evidence. Accordingly, it was held that the same tantamount to the assessment order being erroneous causing prejudice to the Revenue.(AY.)
Shree Ganesh Intermediary P. Ltd. v. PCIT (2023) 103 ITR 86 (SN) (Ahd)(Trib)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-
The AO failed to make reference to transfer pricing officer for examining issue of specified domestic transactions-Also, allowed huge loss on commodity transactions without proper inquiries.[S. 43(5)]