ITAT explains legal effect of Omission of clause (i) of Section 92BA

M/s. Bhartia-SMSIL (JV) Vs ITO (ITAT Guwahati) Solitary grievance of the assessee has been confined to the issue that since clause (i) of section 92BA has been omitted by Finance Act, 2017, w.e.f. 01.04.2017 and the effect of such omission without any saving clause of General Clauses Act, means that the above provisions was not in existence or never existed in the statute, therefore, the jurisdiction exercised by the ld PCIT under section 263 of the Act is void and as a result the order passed by the assessing officer  dated 30.08.2016, under section 143(3) of the Act is neither erroneous nor...