Section 92CB - Power of Board to make safe harbour rules - Income-tax Act, 1961

1 [Power of Board to make safe harbour rules. 92CB. 2 [ (1) The determination of (a) income referred to in clause (i) of sub-section (1) of section 9; or (b) 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 3 [ the transfer price or income, deemed to accrue or arise under clause (i) of sub-section (1) of section 9, as the case may be, declared by the assessee ]] *********************** 1. Inserted vide Finance (No.2) Act, 2009, w.e.f. 1-4-2009. 2. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as (1) The determination of arm's length price under section 92C or section 92CA shall be subject to safe harbour rules. 3. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as the transfer price declared by the assessee.