Case Law Details
Worship Infraprojects Pvt Ltd Vs DCIT (ITAT Jaipur)
ITAT Jaipur held that referring impugned domestic transaction to TPO u/s 92CA is invalid in view of omission of clause (i) of section 92BA vide Finance Act, 2017.
Facts- The assessee M/s. Worship Infraprojects Private Limited was formerly known as M/s. Om Metals – SPML Infraprojects Private Ltd. The appellant is SPV (Special Purpose Vehicle) formed as a joint venture company of M/s. Om Metals Infra Projects Ltd. & M/s. Subhash Projects & Marketing Ltd now known as SPML Infraprojects Ltd.
It is mainly contested by the assessee that AO has grossly erred in referring the matter with TPO by invoking section 92CA of the Income Tax Act, 1961.
Conclusion- It is clear that once a particular provision of a section was omitted from the statute, it shall be deemed to be omitted from its inception until and unless there is some saving clause or provision to make it clear that action taken or proceeding initiated under that provision or section would continue and would not be left on account of omission.
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