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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 ..... rom 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 or other ownership interest held therein by other enterprises; (ii) a b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 in sub section (45) of section 2 of the Companies Act, 2013 (18 of 2013); 10THA. Eligible ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 eligible assessee and accepted under sub-rule (1). (4) The provisions of sections 92D and 92E in respect of a specified domestic transaction shall apply irrespective of the fact that the assessee exercises his option for safe harbour in respect of such transaction. Procedure 10TH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 circumstances specified in sub-rule (2) of rule 10 THC, the Assessing Officer shall, by order in writing, declare the option exercised by the assessee under sub-rule (1) to be invalid and cause a copy of the said order to be served on the assessee: Provided that no order declaring the option exercised by the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 of Specified Domestic Transactions To, The Assessing Officer ……………………. Sir/Madam, I propose to opt for the safe harbour rules under section 92CB of the Income-tax Act, 1961 read with rules 10TH to 10THD of the Income-tax Rules, 1962. In this regard the particulars a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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