TMI BlogAmendment of section 92CA.X X X X Extracts X X X X X X X X Extracts X X X X ..... y be substituted with effect from the 1st day of April, 2013; (b) after sub-section (2A), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 2002, namely: (2B) Where in respect of an international transaction, the assessee has not furnished the report under section 92E and such transac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . - Clause 38 of the Bill seeks to amend section 92CA of the Income-tax Act relating to reference to Transfer Pricing Officer. The existing provisions of the aforesaid section 92CA provide for reference to Transfer Pricing Officer for computation of arm s length price in relation to an international transaction. It is proposed to amend sub-sections (1), (2) and (3) of the aforesaid sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account such transaction as if it is an international transaction referred to him by the Assessing Officer under sub-section (1) and all the provisions of Chapter X of the Income-tax Act shall apply accordingly. This amendment will take effect retrospectively from 1st June, 2002. It is also proposed to insert a new sub-section (2C) so as to provide that nothing contained in this sub-section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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