Taxpayers with APA must file modified return under Section 92CD within three months, affecting ongoing audits and appeals.
Upon entering into an Advance Pricing Agreement (APA) under Section 92CD, a taxpayer must file a modified return within three months if a return was previously filed for the assessment year covered by the APA. This modified return is treated as a return under Section 139, and all related provisions apply. The Assessing Officer must complete or reassess the assessment based on the APA and modified return. Transactions not covered by the APA remain unaffected. If a Transfer Pricing Officer (TPO) or Dispute Resolution Panel (DRP) is involved with a covered transaction, they must cease auditing or issuing directions upon notification of the modified return. Appeals related to covered transactions must be withdrawn by both the taxpayer and the department.
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