Transfer pricing adjustment unjustified as Specified Domestic Transaction cannot be referred to TPO after 01.04.2017

DCIT Vs Hind Aluminium Industries Pvt. Ltd. (ITAT Mumbai) ITAT Mumbai held that reference to TPO in respect of Specified Domestic Transaction (SDT) u/s. 92BA(i) has been omitted from the statue by the Finance Act, 2017 w.e.f. 01/04/2017. Hence, entire reference and transfer pricing adjustment is invalid. Facts- The case of the assessee was selected for scrutiny. The said case was referred to Transfer Pricing Officer u/s. 92CA(1) for determination of arm’s length price of the transaction that took place between the assessee company and its associate enterprises u/s. 92BA(i). TPO observed that...