Section 42 - Insertion of new section 92CB - Finance (No. 2) Act, 2009

Insertion of new section 92CB. 42. After section 92CA of the Income-tax Act, the following section shall be inserted, namely:— Power of Board to make safe harbour rules. '92CB. (1) The determination of arm's length price under section 92C or section 92CA shall be subject to safe harbour rules. (2) The Board may, for the purposes of sub-section (1), make rules for safe harbour. Explanation.—For the purposes of this section, "safe harbour" means circumstances in which the income-tax authorities shall accept the transfer price declared by the assessee.'.