ITAT quashes Assessment Order: Transfer of Case without Section 127 Order held as Jurisdictional Error

The ITAT quashed an assessment order in a transfer pricing case due to the absence of a Section 127 order, which is required to transfer jurisdiction between Assessing Officers. The case involved a taxpayer who was assessed by an officer without the necessary order for jurisdiction transfer under Section 127 of the Income Tax Act. The ITAT held that the lack of such an order resulted in a jurisdictional error, rendering the assessment order invalid. The ITAT remanded the case, emphasizing the importance of following proper legal procedures for jurisdiction transfer in transfer pricing cases to ensure fairness and validity in tax assessments.