TMI BlogAmendment of section 80-IA.X X X X Extracts X X X X X X X X Extracts X X X X ..... es and letters the 31st day of March, 2013 shall respectively be substituted; (b) in sub-section (8), for the Explanation, the following Explanation shall be substituted, namely: Explanation . For the purposes of this sub-section, market value , in relation to any goods or services, means (i) the price that such goods or services would ordina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, etc. The existing provisions contained in clause (iv) of sub-section (4) of the aforesaid section 80-IA provide that, a deduction shall be allowed to an undertaking which,- (a) is set up in any part of India for the generation or generation and distribution of power if it begins to generate power at any time during the period beginning on 1st April, 1993 and ending on 31st March, 2012; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ause (ii) of section 92F, where the transfer of such goods or services is specified domestic transaction referred to in section 92BA within the definition of market value in relation to any goods or services. The existing provisions of sub-section (10) of the aforesaid section provide that where it appears to the Assessing Officer, owing to the close connection between the assessee carrying ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... saction shall be determined having regard to arm s length price as defined in clause (ii) of section 92F. These amendments will take effect from 1st April, 2013 and will, accordingly, apply in relation to assessment year 2013-2014 and subsequent assessment years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanageme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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