TMI BlogInsertion of new sections 92CC and 92CD.X X X X Extracts X X X X X X X X Extracts X X X X ..... n sub-section (1), may include the methods referred to in sub-section (1) of section 92C or any other method, with such adjustments or variations, as may be necessary or expedient so to do. (3) Notwithstanding anything contained in section 92C or section 92CA, the arm s length price of any international transaction, in respect of which the advance pricing agreement has been entered into, shall be determined in accordance with the advance pricing agreement so entered. (4) The agreement referred to in sub-section (1) shall be valid for such period not exceeding five consecutive previous years as may be specified in the agreement. (5) The advance pricing agreement entered into shall be binding (a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this section, prescribe a scheme specifying therein the manner, form, procedure and any other matter generally in respect of the advance pricing agreement. (10) Where an application is made by a person for entering into an agreement referred to in sub-section (1), the proceeding shall be deemed to be pending in the case of the person for the purposes of the Act. Effect to advance pricing agreement. 92CD. (1) Notwithstanding anything to the contrary contained in section 139, where any person has entered into an agreement and prior to the date of entering into the agreement, any return of income has been furnished under the provisions of section 139 for any assessment year relevant to a previous year to which such agreement ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a) the order of assessment, reassessment or recomputation of total income under sub-section (3) shall be passed within a period of one year from the end of the financial year in which the modified return under sub-section (1) is furnished; (b) the period of limitation as provided in section 153 or section 153B or section 144C for completion of pending assessment or reassessment proceedings referred to in sub-section (4) shall be extended by a period of twelve months. (6) For the purposes of this section, (i) agreement means an agreement referred to in sub-section (1) of section 92CC; (ii) the assessment or reassessment proceedings for an assessment year sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) shall be valid for such period as specified in the agreement which in no case shall exceed five consecutive previous years. It is also proposed to provide that the advance pricing agreement entered into shall be binding on the person in whose case, and in respect of the transaction in relation to which, the agreement has been entered into and on the Commissioner, and the income-tax authorities subordinate to him, in respect of the said person and the said transaction. However, the agreement shall not be binding if there is a change in law or facts having bearing on the agreement so entered. It is also proposed to provide that the Board may with the approval of the Central Government, by an order, declare an agreement to be void ab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rior to the date of entering into the agreement any return of income has been furnished under the provisions of section 139 for any assessment year relevant to a previous year to which such agreement applies, such person shall furnish, within a period of three months from the end of the month in which the said agreement was entered into, a modified return in accordance with and limited to the agreement. It is further proposed to provide that save as otherwise provided in this section, all the other provisions of this Act shall apply accordingly as if the modified return is a return furnished under section 139. It is also proposed to provide that if the assessment or reassessment proceedings for an assessment year relevant to a previou ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
