TMI BlogIncome-tax (2nd Amendment), Rules, 2015.X X X X Extracts X X X X X X X X Extracts X X X X ..... mendment), Rules, 2015. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962 , -- (A) in Part-II, in sub-part D relating to special cases,-- (1) in rule 10 D ,-- (a) after sub-rule (2), the following sub-rule shall be inserted, namely:- (2A) Nothing contained in sub-rule (1), in so far as it relates to an eligible specified domestic transaction referred to in rule 10 THB , shall apply in a case of an eligible assessee referred to in rule 10 THA and, the said eligible assessee, shall keep and maintain the following information and documents, namely:- (i) a description of the ownership structure of the assessee enterprise with details of shares ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, brackets and figures sub-rules (1) and (2) , the words, brackets, figures and letter sub-rules (1), (2) and (2A) shall be substituted; (2) after rule 10 T , in the heading, for the words Safe Harbour Rules , the words Safe Harbour Rules for International Transactions shall be substituted; (3) after rule 10TG , the following rules shall be inserted, namely:- Safe Harbour Rules for Specified Domestic Transactions 10TH. Definitions. - For the purposes of this rule and rules 10THA to 10THD,- (a) Appropriate Commission shall have the same meaning as assigned to it in sub-section (4) of section 2 of the Electricity Act, 2003 (36 of 2003); (b) Government company shall have the same meaning as assigned to it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le specified domestic Transaction Circumstances 1 2 3 1 Supply of electricity, transmission of electricity, wheeling of electricity referred to in items (i), (ii) or (iii) of rule THB, as the case may be. The tariff in respect of supply of electricity, transmission of electricity, wheeling of electricity, as the case may be, is determined by the Appropriate Commission in accordance with the provisions of the Electricity Act, 2003 (36 of 2003). (3) No comparability adjustment and allowance under the second proviso to sub-section (2) of section 92C shall be made to the transfer price declared by the el ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ise of the option for the safe harbour by an assessee, he may require the assessee, by notice in writing, to furnish such information or documents or other evidence as he may consider necessary, and the assessee shall furnish the same within the time specified in such notice. (4) Where- the assessee does not furnish the information or documents or other evidence required by the Assessing Officer; or the Assessing Officer finds that the assessee is not an eligible assessee; or the Assessing Officer finds that the specified domestic transaction in respect of which the option referred to in sub-rule (1) has been exercised is not an eligible specified domestic transaction; or the tariff is not in accordance with the circumstan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Principal Commissioner or Commissioner or Principal Director or Director, as the case may be, within a period of two months from the end of the month in which the objection filed by the assessee under sub-rule(5) is received by him. (8) If the Assessing Officer or the Principal Commissioner or the Commissioner or the Principal Director or the Director, as the case may be, does not pass an order within the time specified in sub-rule (7), then the option for safe harbour exercised by the assessee shall be treated as valid.'; (B) in Appendix II, after Form No. 3CEFA , the following Form shall be inserted, namely:- Form No. 3CEFB (See sub-rule (1) of rule 10THD) Application for Opting for Safe Harbour in respect o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... domestic transaction. ( c ) Details of relevant order of the Appropriate Commission determining the tariff. ( d ) Amount received or receivable/paid or payable in respect of the eligible specified domestic transaction. ( e ) Whether transfer price is in accordance with the circumstances specified under rule 10THC. Yes/No I declare that the information furnished herein is correct and truly stated. Yours faithfully, Place: Date: Signatu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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