DP Jain Nagda Gogapur BOT Annuity Project Pvt. Ltd. Vs PCIT (ITAT Nagpur)
The assessee filed an appeal against the order dated 30/12/2020 passed under Section 263 of the Income Tax Act, 1961 by the Pr. Commissioner of Income Tax-1, Nagpur, for AY 2015-16.
The assessee had filed its return of income on 30/11/2015 declaring NIL income. The case was selected for scrutiny and the assessment was completed under Section 143(3) on 29/06/2017 by accepting the returned NIL income.
The Pr. CIT subsequently invoked Section 263 and held that the assessment order was erroneous insofar as it was prejudicial to the interests of the Revenue. The assessee challenged the revision proceedings, contending principally that the Assessing Officer had examined the specified domestic transactions during assessment proceedings and that clause (i) of Section 92BA had been omitted by the Finance Act, 2017 with effect from 1/4/2017.
The assessee submitted that it had disclosed the specified domestic transactions in Form 3CEB and had furnished documentary evidence and explanations during the assessment. It relied on decisions concerning the effect of the omission of Section 92BA(i), including Pr. CIT -7 Vs. Texport Overseas Pvt. Ltd., M/s Bhartia-SMSIL (JV) Vs ITO, DVC Emta Coal Mines Ltd & Ors Vs ACIT, and M/s AIC Iron Industries Pvt Ltd vs Pr.CIT, Kolkata.
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