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Section 92CC - Advance Pricing Agreement

Income Tax - Transfer Pricing - International + Domestic - 12 - Meaning of Advance Pricing Agreement (APA) Advance Pricing Agreement is an agreement between a tax payer and a taxing authority on an appropriate transfer pricing methodology for a set of transactions over a fixed period of time in future. The APA offers better assurance on transfer pricing methods and are conducive in providing certainity and unanimity of approach. (1) The Board, with the approval of the Central Government may ente .....

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92C or section 92CA, the arm s length price of any international transaction, which is covered under such APA, shall be determined in accordance with the APA so entered into. The provisions of section 92C or 92A which normally apply for determination of arm s length price will be modified to this extent. As a consequence, arm s length price shall be determined in accordance with APA. (4) Validity of APA: The APA shall be valid for such previous years as are specified in the agreement which in n .....

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ferred to in section 92CC(1) shall not be binding if there is a change in law or facts having bearing on the agreement so entered. (7) The board may, with the approval of the Central government, by an order, declare an agreement to be void ab initio, if it finds that the agreement has been obtained by the person by fraud or misrepresentation of facts. (8) Consequences if the agreement is declared Void ab initio Upon declaring the agreement void ab initio,- All the provisions of the Act shall app .....

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