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Assessee has raised multiple grounds of appeal to challenge the correctness of the order dated 08.03.2019 passed by the ld PCIT under section 263 of the Act but at the time of hearing the 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 prejudicial to the interest of the Revenue.

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Sec. 263 of Income Tax Act, 1961—Revision— PCIT issued show cause notice u/s 263 in respect of specified domestic transactions referred to in clause (i) of section 92BA which was omitted with effect from 01.04.2017, and effect of such “omission” of clause (i) of section 92BA means that this provision never existed in the statute book, since clause (i) of section 92BA never existed in the statute book therefore, ld PCIT cannot exercise his jurisdiction under section 263 in respect of specified domestic transactions referred to in clause (i) of section 92BA, therefore, the action of the Assessing Officer cannot be held to be erroneous as well as prejudicial to the interest of the revenue, thus, the usurpation of jurisdiction of exercising revisional jurisdiction by the Principal CIT is ‘’null’’ in the eyes of law and, therefore, the very assumption of jurisdiction to invoke revisional jurisdiction u/s 263 was quashed - SHREE SHAI SMELTERS (I) LTD. V/s ASSTT. CIT - [2020] 27 ITCD Online 059 (ITAT-GAUHATI)

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