TMI BlogMEMORANDUM REGARDING DELEGATED LEGISLATIONX X X X Extracts X X X X X X X X Extracts X X X X ..... or authority or Board or Trust or Commission which is constituted or established by or under a Central, State or Provincial Act or has been constituted by the Central Government or a State Government with the object of regulating or administering an activity for the benefit of general public shall be exempt if it is not engaged in commercial activity and is specified by the Central Government by notification in the Official Gazette in this behalf. The Explanation to the said clause (46) enables the Central Government to notify the nature and extent of the income of the body or authority or Board or Trust or Commission which shall constitute the specified income. Sub-clause (c) also proposes to insert a new clause (47) in the said section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een the arm s length price as determined and price at which the international transaction has actually been undertaken does not exceed five per cent. of the latter, the price at which the international transaction has actually been undertaken shall be deemed to be the arm s length price. It is proposed to amend the second proviso to sub-section (2) of section 92C so as to provide that the allowable variation will be such percentage as may be notified by the Central Government in this behalf. Clause 14 of the BIll seeks to insert a new section 94A in the Income-tax Act relating to special measures in respect of transactions with persons located in notified jurisdictional area. Sub-section (1) enables the Central Government to notify ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ish such report on or before the due date of filing of return under sub-section (1) of section 139. Clause 21 of the Bill seeks to amend section 131 of the Income-tax Act relating to power regarding discovery, production of evidence, etc. It is proposed to insert a new sub-section (2) in the aforesaid section to provide that for the purpose of making an inquiry or investigation in respect of any person or class of persons in relation to an agreement referred to in section 90 or section 90A, it shall be competent for any income-tax authority not below the rank of Assistant Commissioner of Income-tax, as notified by the Board in this behalf, to exercise the powers conferred on the income-tax authorities, notwithstanding that no proceedi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roper officer or premises of the importer or exporter. Clause 45 of the Bill seeks to amend section 75 of the Customs Act with a view to empower the Central Government to make rules to provide for the circumstances and conditions under which drawback of duty shall not be recovered even if the sale proceeds are not realised by the exporter. Sub-clause (N) of clause 70 of the Bill seeks to amend the proviso to section 93A of the Finance Act, 1994 with a view to empower the Central Government to make rules to provide for the circumstances and conditions under which the Central Government may recover or adjust the amount of rebate which shall be deemed never to have been allowed. The matters in respect of which notifications may be issu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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