TMI BlogInsertion of new sections 92CC and 92CD.X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to in sub-section (1), may include the methods referred to in sub-section (1) of section 92C or any other method, with such adjustments or variations, as may be necessary or expedient so to do. (3) Notwithstanding anything contained in section 92C or section 92CA, the arm's length price of any international transaction, in respect of which the advance pricing agreement has been entered into, shall be determined in accordance with the advance pricing agreement so entered. (4) The agreement referred to in sub-section (1) shall be valid for such period not exceeding five consecutive previous years as may be specified in the agreement. (5) The advance pricing agreement entered into shall be binding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay, for the purposes of this section, prescribe a scheme specifying therein the manner, form, procedure and any other matter generally in respect of the advance pricing agreement. (10) Where an application is made by a person for entering into an agreement referred to in sub-section (1) , the proceeding shall be deemed to be pending in the case of the person for the purposes of the Act. 92CD. Effect to advance pricing agreement. (1) Notwithstanding anything to the contrary contained in section 139, where any person has entered into an agreement and prior to the date of entering into the agreement, any return of income has been furnished under the provisions of section 139 for any assessment year relevant to a prev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( a ) the order of assessment, reassessment or recomputation of total income under sub-section (3) shall be passed within a period of one year from the end of the financial year in which the modified return under sub-section (1) is furnished; ( b ) the period of limitation as provided in section 153 or section 153B or section 144C for completion of pending assessment or reassessment proceedings referred to in sub-section (4) shall be extended by a period of twelve months. (6) For the purposes of this section, ( i ) "agreement" means an agreement referred to in sub-section (1) of section 92CC; ( ii ) the assessment or reassessment proceedings for an assessment year sha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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